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The COMMERCIAL and FINANCIAL
Established 1839
Volume
Reg. U.S. Pat. Off.
Number
195
EDITORIAL
understood
are
business
Eisenhower
President
and
dissatisfied
be
to
with
And
Kennedy
the
course
of
To be sure,
we
are
doing much better than we were at one time,
and it is believed in some quarters at least that we are
fairly sure to be doing still better a few months hence.
It is, we suppose, natural to expect the leader of the
opposition to be dissatisfied with what is going on in
the country. President Kennedy and his party are com¬
mitted to a greater growth rate, induced if necessary
by government action. One could hardly expect the party
out of power to come forward with specific programs for
improving the situation, but history provides a good
foundation for guessing what such a program would be
like
if
during the past six months
it
were
to
be
formulated.
It
;A.\:
By John D. Wilson,*
an
further
some
pliances
is
as
more
dence
of
hope than
a
a
certainty.
of
accompanied by modest
ward pressure for some
is commended, and
time.
To
Actually if
the past
Public
SECURITIES
NOW IN
afforded
to the advance:
year
to
$555 billion
than
10%
has
detail.
more
all
business.
are
In
inventories
CHEMICAL BANK NEW YORK TRUST COMPANY
BOND DEPARTMENT
P. O. Box 710, New
York 8, N. Y.
26,
im¬
on the level of general
business was liquidating
rate of $4V2 billion annually.
A
a
at
an
1962, business
annual rate
increase in spending of about
was
addingr to
This
$12 billion yearly in
billion.
of $7
rise in economic activity over the past year.
the
But
this, I might point out, fell considerably short
impact prior to the steel strike in 1959,
even
of
(1957=100), approximately 15 %
higher than the recession low
the
when
the
addition
to
inventories
rose
to
a
rate
substantially higher than that of early 1962. On
that score we have been fortunate, inasmuch as
the excessive rate in 1959, and again in early 1960,
proved to be a disturbing
(Continued on page 25)
ly strong: the automobile industry is on its way to
the best year since 1955; sale of soft goods is at a
level; and the purchase of home goods (ap¬
REGISTRATION—Underwriters, dealers and investors in corporate
SEC and poten¬
"Securities in Registration" Section, starting on page 28.
STATE
AND
State,
-
Municipal
and Public
Lester, Ryons & Co.
MUNICIPAL
623
Office:
BONDS
PARLIAMENT
STREET, S.W.I.
ST. JAMES'S
SQUARE, S.W.I.
the
Members New York Stock
Branches
13
KENYA,
Government in:
UGANDA,
Associate Member American Stock Exchange
NORTHERN
ADEN,
AND
Offices
in
REPUBLIC
SOUTHERN
NATIONAL CITY BANK
Inquiries Invited
California
Bond Dept. Teletype: NY 1-708
T. L. Watson &Co.
ESTABLISHED
Active
New
York
on
Southern
Securities
Correspondent
—
Pershing Ss Co.
BONDS & STOCKS
Inquiries Invited
Commission Orders
New York Stock
Exchange
American
Exchange
STREET
NEW YORK 4, N. Y.
CALIFORNIA
CANADIAN DEPARTMENT
Teletype NY 1-2270
-
DIRECT
WIRES TO
Food
MONTREAL AND TORONTO
.j
Dominion Securities
Grporation
"
40
1 NORTH LA SALLE ST.
2 BROADWAY
<
-
M
--
CHICAGO
Processing
MUNICIPAL BOND DEPARTMENT
Goodbody a Co.
NEW YORK?
/
DIVERSIFIED
Executed On All
Canadian Exchanges
MEMBERS NEW YORK STOCK EXCHANGE
PERTH AMBOY
BANK
CANADIAN
Canadian Securities
Block
MANHATTAN
Brokers
Banks and
i
«
THE
Maintained
Markets
Dealers,
1832
Members
BRIDGEPORT
del Mar,
RHODESIA
To
BROAD
Claremont, Corona
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
ADEN,
Net
25
Notes
in:
SOMALI
Stock
Bonds and
Members Pacific Coast Exchange
ZANZIBAR
PAKISTAN,
CEYLON,
BURMA,
KENYA,
TANGANYIKA,
ZANZIBAR,
UGANDA,
Exchange
Agency
Municipal Bond Division
FIRST
Branches
Street, Los Angeles 17,
California
54
Bankers to
So. Hope
INDIA,
I
the roller-coaster
itself accounted for close to one-fourth of the total
Retail sales have been relative¬
BISHOPSGATE, LONDON, E.C.3.
770-1234
NY 1-1246, NY 1-457
out¬
Housing
London
NewYork
consumer
1961
early
at
inventories
Reserve Board's index
GRINDLAYS
NATIONAL AND
Head
Chemical
in
-
accustomed to
later, in early
year
better—more
above the level in
complete picture of issues now registered with the
rise
the
been
pact of inventory buying
or
on
bit
a
We
annual rate
production stands at 117
BANK LIMITED
teletype:
in
our
early 1961. Likewise, industrial
Federal
marked rise in in¬
a
a
lays to which I just referred. I should like to spend
a moment or two looking at each of these factors
seems
an
the third
and
back
get
Factors
Advance
has been
one
Municipal
Securities
telephone:
glance
we
ably running at
a
feeling in
second has been a
strong upward thrust in spending by government,
clear that the
economy has achieved
a con¬
siderable advance.
Today the
Gross National Product is prob¬
bearings, it
tial undertakings in our
Housing,
State and
are
over
record
a
get to the bottom of this, to determine more
ventory buying by business;
conclusion!
Wilson
such
perhaps in the lobbies and
business meetings.
clearly whether there is a solid basis for concern,
explore more thoroughly into
thd advance over the past year.
Three factors have contributed most importantly
end, they never would reach a
D.
encountered
have
it is necessary to
the well-springs of
sometimes made of economists:
John
manifestation of this uneasiness. All
Economic
Economy's defensive strength
visibility often leaves much to be de¬
sired, and at the moment it seems especially
murky.
In spite of that difficulty I shall try to
be as specific as I can and avoid that complaint
15 months earlier.
one
know
corridors at
Economic
of
I
us
likely to be subjected to down¬
profits-squeeze and tax burden deplored.
or
present position is a sustainable
prelude to a new period of vigor¬
The behavior of the stock market of
a
personal conversation,
in bond yields with no great lift in the interest rate
recovery
structure and mortgage rates
is
course
Moderate
the
growth.
ous
pres¬
that
let alone
one,
Next year's performance
business advance is expected to be
sored in the
securities
is
booming
not
with all of this, I believe it fair to say
a mood of uncertainty and uneasiness
within the business community—a lack of confi¬
leaving GNP at
keyed to capital spending's upturn strength which is
ently viewed
part all these measures, and for that matter
Government,
while
that there is
expansion in
that if you laid them all end to
U. S.
furnishings)
and
better than in 1961.
City
estimated 1962 rate of $560 billion instead of $570 billion
postulated by the Administration.
virtually all that the Republican party has spon¬
past as well as all those notions that float
about Washington in the hope of effective support from
one or the other of the major parties are drawn in com¬
plete defiance of some of the basic truths of economics
and of human nature as they reflect themselves in the
workaday world. Most of these truths are so obvious
and so commonplace that they are not often explicitly
stated. One of these is this: Not production as such but
the products of our labors are the end and aim of in¬
dustry. These good things of life, moreover, are normally
produced and are worth producing only when mankind
regards them as having value at least the equivalent to
the labor and materials which go into them. Under
normal circumstances it is rarely
(Continued on page 24)
all,
Vice-President,
the economy at a slower pace than desired,
to all.
our
Copy
And yet
Chase banker-economist foresees
push his favorite measures
in remedying the infirmity—
such, for example, as health insurance as a part of the
social security system, certain housing suggestions that
he has made in the past, and tax measures now familiar
For
a
Recovery in Interest Rates
The Chase Manhattan Bank, New York
that
understood
is
■
least the first steps
at
as
Cents
50
or so.
is inclined to
the President
Price
7, N. Y., Thursday, May 24, 1962
ProsPects for Business Advance
As We See It
ex-President
Both
New York
6162
*
BANK OF AMERICA
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitehall 4-8161
N.T.&S.A.
SAN
FRANCISCO
•
LOS ANGELES
:
I
2
The Commercial and Financial Chronicle
(2438)
The Security I
Brokers, Dealers only
For Banks,
Like Best...
"41 Bid"
offer
We
of experience
years
participate and give their reasons for favoring a particular
.
.
vast
the
Russ
Togs, Inc.
Aggressive management with the
foresight
to
capitalize
on
the
"coordinate" or matching apparel
Over-
slacks,
etc.
blouse,
skirt,
namely,
concept,
"HANSEATIC."
vest,
ensem¬
on.
is
t h e
basic ingre¬
bles,
NEW YORK
in
dient
HANSEATIC
Early to
ognize
Established 1920
in
Stock Exchange
120 Broadway, New York
BOSTON
CHICAGO
•
SAN FRANCISCO
PHILADELPHIA _•
Nationwide
sales
5
Teletype NY 1-40
4-2300
Wire
Private
a
System
years
de¬
Irwin
Belsky
styling,
uninterruptedly since
191-6, the earliest date for which
have grown
INC.
data is available on the company.
Members
Y.
Dealers Ass'n
Security
From
fiscal
year
ends
climbed
BONDS
(To Brokers and Dealers)
40
★
WHitehall
Teletype
NY
No.
to
nected
Markets
Bassett
Furniture
:
Industries
Craddock-Terry Shoe
R.
F.
&
P.
61
All Issues
TWXLY77
-
Private wire to Shields <ft
New York
'
■
I
the
cents
Co.,
City
a
times
across
leading
a
manu¬
need
across
good
a
other
the
world.
Every $1
sends
deal
age
more
by
A
is 60
stock
dividend
cents
groups.
trends,
Russ
Togs'
own
staff
designers develop new lines,
of
some
(This is under
as
a
no
circumstances
solicitation of an offer to
to
BEekman 3-3622-3
to
QUOTATIONS?
has not
goals.
company
Radio
acquired
subsequently
Service
Co.
Penna.
of
Mfg. Co., Anko Manufacturing,
Mechanic Manufacturing
Co. and a 30% interest in Moun¬
Members: Neiv York Stock
American Stock
*
Astrex, Inc.
vestors
have
Exchange;
1962
:
decline
a
Record
.
buys
operation is highly
profitable since goods are pur¬
chased at a small fraction of their
subsidiary's
who
value.
been
with
a
Dutrex,
Mont
Du
shares
Corp., holds virtually
rights to
market and sell radio receiving
sizable
tubes, and exclusive rights in the
U.
when
S.
sell
stock looked
Canada
picture
mar¬
e.g., increased manufacturing costs
in the face of declining prices-
in
shares
lieu
would
of
"fad."
However,
these
problems, to
a
it
surge
"vogue"
a
or
that
seems
certain
ex¬
tent, are inherent in the industry.
be construed
buy,
any
as an
well
Du
name
\
thousands
offer to sell,
security referred
to
or
herein.)
over
of
With
annual
million area,
•
*
as
find"
to
'
quotations.
.
call:
or
and
indexed
product
in
.
one
of
the
on
N. Y.
V
"
N. Q.
B.
OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
23 -Year Performance of
by
35 Industrial Stocks
$7
FOLDER
page
of
ON REQUEST
National Quotation Bureau
coun¬
manufacturers
Continued
New York 7,
REctor 2-9570
line.
the
^
CO.
listing
pages
items
B. DANA
25 Park Place
RESCO is the largest
leading
X
WILLIAM
contributor to Astrex' sales.
try's
securities
"hard
#
mail-order
a
300
volume
is
will
prices
Mont
assembled
manufacturer
monthly
listed
those
Write
under- the
;
catalog with
publication
the
'"
delphia and Willow Grove. RESCO
recently
as
$4)
—
Over-the-Counter
and
to market
tubes
bound
you
all
on
(ABD). As
a
royalty, Du Mont receives 5%
of gross sales of tubes and 2'%%
of picture tube gross. Recent liti¬
gation concerning the right of
Emerson Radio & TV Corp. to use
the brand name Du Mont (ERP)
ket, it would appear that by elimi¬
nating such unfavorable factors—
upward
give
world-wide
and
TV
brand
"cheap," are
left slightly
electronics
This
under agreement
Laboratories, now
year)
per
(Single Copy
•
division of Fairchild Camera &
exclusive
(Only $45
•
Instrument
finding winners in the stock
in
Bank & Quotation
Although its contribution to over¬
all volume is relatively minor, the
those who pur¬
a
'•
*
THEM
terminated contract
items and other surplus products.
enough to pay
top dollar, and
after
ending June.
AST
unfortunate
chased
Co. Thus, from a
million company three years
ago,
Astrex anticipates -sales in
the area of $16 million for fiscal
$1
WILL FIND
! '
-
.
tain Electronics
Exchange
>
YOU
Master
*
TJ-Test-M
'
Telephone:
land
annually.
New York City
ap¬
Approximately
90%
of
Russ
gift package thru the CARE Togs' output is sewn and pressed
by independent contractors, most
Food Crusade, New York 16, N.Y.
of whom work principally for the
company. Keenly aware of styling
OFFICE:
(RESCO) and its affiliates, Mid¬
Distributing Co. and U-Test-
the
on
the
Electric
Partner, Maltz, Creenivald •& Co.,
nation,;
one
YORK
deviated from its long-range
management and convertible
class A through 1967). The
LOUIS L. MALTZ
department
than
NEW
149 Broadway, New York 6, N. Y.
M
expan¬
clothing
DAI WA
Securities Co.9 Ltd.
top five factors in the field. The
goal of management is to become
parel shops and mail order houses. :
disenchanted
Adaptable to leisure, business and
with the now
dress wear, the major market for Louis L. Maltz
these coodinated items is teen-age ; glamourless
girls and young adult women, a industry.
rapidly growing segment of our i Hence, the question might arise as has been
favorably resolved.
to what approach may be
con¬
population. From 1950 to 1960, the
sidered for profitable investment
Among the products distributed
15-24
age
group
increased
in
in this deflated group.
by RESCO are electronic tubes,
number
by
11%
and
current
An
resistors,
conanalysis of the industry^ • semiconductors,
trends, buoyed by the post-war":
current problems might uncover - densers,
wire
transformers
and
baby boom, signal a greater than
several adverse conditions, among relays. These products, plus many
50% expansion in the decade to
which severe competition, mate¬ others, are sold through the com¬
1970. Adding further impetus topany's headquarters in Philadel¬
sales and earnings prospects is the rializing in lower profit margins, j
could be its number one nemesis. phia and branches in Wilmington,
fact that this aggressively grow¬
If simple logic can be applied to
York, No. Philadelphia, W. Phila¬
ing age sector tends to purchase
Remember those in
JAPANESE
SECURITIES
the
It
million
stores, specialty and women's
branch offices
plan. In
erally has not been discounted at
current
price levels.
What has
dustries,
into
stemming
the
our
tial of electronics distributors gen¬
product lines utilizing Electronics industry shares ;have
management's proven capabilities been characterized by extreme
in meeting
new
market trends, prich fluctuations in the past year
as
well as from acquisitions of or so. With most issues now at the
promising companies in similar or wrong end of
the ladder, in¬
related fields.
including
which
with
opinion, the near-term poten¬
my
of
establishments
Direct wires to
estimated
current indicated
Russ
Togs ranks as a major
producer of misses, junior and
children's popular-priced sports¬
wear designed to be sold as either
multiple units or individual items.
These garments retail primarily
from $4 to $13 each, and can be
found in more than 10,000 retail
'
risks
seeable
336,000 shares of class A and 645,000 shares of class B stock (held
compared
internal
NY 1-1557
Mobile, Ala.
dis¬
the
Exchange
Exchange
New Orleans, La. - Birmingham, Ala.
largest distributor of elec¬
in the
earnings, ap- ' tronic parts and tubes
predominantly- through
pear to offer substantial near, as country,
well as longer range, capital gains acquisitions
and mergers - From
opportunities. Finances are sound. the inception of Astrex, , ywhen.ritmv.
Capitalization consists of some AST Co. merged with Dutrex In¬
16
costs
share,
here
mind
facturers must work and
Market,
the
businessrisk shares of this highly
regarded sportswear firm, at some
con¬
establishment of
indicated,
is
continued
from
LYNCHBURG, VIRGINIA
Victor 6-1333
ex¬
in
Stock
Stock
Hflnover 2-0700
the
have
York
semir-conductors,. etc.r>who is not
burdened by most of the unfore¬
York
women,
American
tributor of electronic parts, tubes,
Counter
$9.1 million and 54 cents,
respectively, of the year before.
Looking
ahead,
further
good
growth
STRADER and COMPANY, Inr.
-
1962, results are
development
with
I
map's
with
sion
LD 39
only 5 cents
sales and earnings of $10.2
First
Furniture
from
new
and
American
million
for
New
19 Rector St., New York 6, N. Y.
I suggest participa¬
growing electronics
market through a related industry.
product additions include
items
Members
Members
apparent solution at hand
no
in
tion
sweater
girls and pre-teen division,
six month (ended Jan. 27, 1962)
Virginia Securities
us
(fiscal
revenues
pected to approximate $21.5 mil¬
lion and $1.25 a share, represent¬
ing
about
a
15%
year-to-year
boost in both revenues and prof its,
a
Call
31),
$18.4
fiscal
For
3-7830
1-2762
despite
Continuous
1961
to
$1.08 a share from
per share in 1956.
—
Exchange Place, New York 5
Phone:
1956
July
$4.9 million, and the rate of pershare earnings gains far outpaced
volume
increases by soaring to
Bids-on Odd Lots
—
ex¬
com¬
and
GROSSMAN
N.
than
thereby
and
piled a most impressive revenue
profit record in this dynamic
field.
Both
sales
and
earnings
WEINBERG,
& CO.
rather
coordination
ric
treme
With
Co!
Steiner, Rouse &
for them, may
Sales
New
Bought—Sold—Quoted
—
Louis L. Maltz,
Maltz, Greenwald &
Co., New York City. (Page 2)
Inc.
line, car-coats and a
been discounted, I feel, is the le¬
group of knitted items, including
thargic attitude of investors at the
skirts, jackets, pants and blouses.
meremention
of
a
company's
To capitalize on the large build¬
name which bears the formidable
up also envisioned in the 5-14 age
suffix
"onics." It
appears
here
group, a new girl's and pre-teen
that the distributor, although con¬
sportswear division was recently
fronted with his own problems,
established and its line is ready
under present circumstances is in
for distribution with the back-toa more favorable position to capi¬
school season this fall.
At
this
talize on an expanding electronics
time, consideration is also being
market. A particular issue I have
given
to
the.; manufacture
of
in mind is Astrex, traded on the
budget-priced items for the dis¬
American Stock Exchange at about
count market and the company is
believed to
be more acquisition $10 a share.
The company ranks among the
minded. Traded in the Over-thenew
ago,
color,
basis.
the
of
man-tailored
princi¬
to concentrate
on
section
Latest
sign, and fab¬
S.
Inc. — Irwin Belsky,
Analyst, A. M. Kidder
Co., New York City. (Page 2)
Partner,
Times, and other key newspapers
throughout the country.
ple, Russ Togs
began,
about
six
commission
a
zine
rec-
the
potential
multiple
vast
Associate- Member
WOrth
the
story.
success
CORPORATION
American
Louisiana Securities
Togs,
Astrex,
promotional efforts include adver¬
tisements in nationally distributed
magazines
such
as
Seventeen,
Mademoiselle, the Sunday Maga¬
Togs
,Russ
&
the remainder being sold
under private labels. In the fiscal
1960-61
period,
about 4,500,000
articles of apparel were manu¬
factured, with skirts accounting
for the largest portion of produc¬
tion. The majority of sales (about
90%) are made by the company's
own salaried sales force, the bal¬
ance
being brought in by others
Co., Inc., New York, N. Y.
the-Counter structure.
Call
Russ
names,
Analyst, A. M. Kidder &
Senior
broad markets in any seg¬
of
security.
70% of which bear company trade
IRWIN BELSKY
.
yourself to reach
ment
Alabama &
Participants and
Senior
helping buyers and sellers
like
Thursday, May 24, 1962
.
Their Selections
advisory field from all sections of the country
41
than
more
in the investment and
.
This Week's
Forum
each week, a different group of experts
A continuous forum in which,
.
Incorporated
46 Front Street
11
i
i
New York 4, N. Y.
Volume 195
Number 6162
..
.
Chronicle
The Commercial and Financial
(2439)*
3
CONTENTS
Stock Market
Thursday, May 24, 1962
By Charles J. Collins,* Investment'Counsel, Inc., Detroit, Mich.
,
•
/
course. -
run. its
The noted financial analyst and writer says th> market was
Articles and New§-
i;
r
^
*
:
*
primary advance is accelerated, Mr. -Collins questions'if its terms--
'
•-
W
is
Eastern
an
saying
that
journey of ten-thousand miles
starts with: one- step. A first* step
a
the
in
present
stock market's
outlook should
be
to
define
inquiry
into the
terms. Charles
-
H. Dow
—
and
"please believe
me, I am not
trying to expound the
Dow
theory
Canada. Needs
.
WHitehall 4-6551
MONROE AUTO
Overseas.u;
an
R.
10
EQUIPMENT
11
BECTON, DICKINSON
>
.
12
DYMO INDUSTRIES
'
14
Crump
Earnings
& COMPANY
;
>
•
•
KING'S DEPT.
_—Sen. Carl T. Curtis
23
STORES
-
.
October, 1957. It was inter- 1
rupted between midrl959 and late
1960 while the nation adjusted to
imbalances growing-' out ~ of ; the .steel strike, but achieved ...a new
C. J. Collins
OTTO BERNZ
Regular Features
J:
>.
As We I
See>It___—
—-
(Editorial)
Bank and Insurance.Stocks_________
■
.
1
20
____ _ -___
Coming Events in the Investment Field.
.
Comnientary
48
—R.
Bealer-Brcker. .Investment
J.F.Reilly&Go.,Inc.
Lefkoe 21
Recommendations
39
8
;-
Broadway, New: York 5
years.
v
Found Faulty
:
.
:
.
nation .W2S
°peJa^g V
banking sys--
Four Appraisal Factors,^ ;
V
national
inelastic system
that witnessed, with- considerable
alternate
periods of
regularity,
Jn appraisingthe stock market s ^
future trend, thei* ^ *four basicV
credit
X+wT.T+^1*
tern. This was an
;
expansion ana creait qon-
::
^
is
three-year , intervals.
We
since established the Federal Reserve as a source of credit expansioir &nd contraction. It is much
27
Market.
18
.
and You .(The) -—--—Wallace Streete
.
Mutual Funds----™—
Knape & Vogt
;
Estey Electronics
18
.
News About Banks and
/t^hnjcal
Electronic Capital
8
JerroldElectronics
Bankers__r_—20
Obseryatipnss.>_;^_----m-----i-----A. Wilfred. May
Our
^ated- within and.bvihe market
Reporter
..'J
structure, itself, that 5 are: often
helpful in an analysis of the trend,
These
four factors are nptialways
in
flexible than the bid national bank scheme and thus credit
does riot play so- necessitous a
contractive role as - formerly.' Soj
Indications of Current Business Activity
)
backgrounds By technical back^owid, I refer to conditions gen-
more
>
'•> NSTA- Notes^-—
~
a
to
have
1
-
Carlisle Bargeron 15
;
V
factors that .must be taken into
traction running over some two
^,
>
.
DIgby 4-4970
16
From Washington Ahead- of the News
.
~
:
Einzig: "Lartest U. S. Proposal to Protect Dollar
.
-
:
NEW YORK
:
;■
Common Market Unity of Its
a
Tax Plan—
.
more
the
<
r
——__R. E. Kennedy, Jr.
Tax Treaties Endangered by Foreign
Next' is :tKe^are theser First-is thd primary
secondary movement, running;for swing that'began in late 1957 arid
three weeks,, tp j§eypral months.* reached its high, to > date, in NoLast is the tertiary ' movement,
vemher, 1961, still? under way? Jl:
which is numbered in days rather Second, how far along are we in : \
than weeks
'
..
»
the secular, or decade-to-decade, >
When Dow made his observa- upswing: that
Under
;
Rapid Economic
Own—————_N.
referred to as the cycli- price
peak- subsequently. ; The
movement, which seems to run questions I wish to examine here C>v
the
HERE!
WALL STREET,
"Telephone:
Tune__i-_i:_-_;:^____i_,_^„-^Herman L.Gruehn
sometimes
tiqn,
*•
Regulation: Tlife Investor Ultimately Calls the •»:
in
movent e.nt.
-
bids
-
is the primary
or
no
Obsolete Securities Dept.
I
Merkle
^Visitori_____r___l____j___.._L_-.Harriet Seibert
upswing that we
are now witnessing began in tlie
^
summer of 1949 from, a base that
carried back to late 1946. -So fajv
it has consisted pf two completed •
primary upswings. The first pri¬
mary upswing ran from mjd-X949
to January, 1953. There followed J
a corrective movement to September, 1953. : Then came the second
primary upswing to April,. 1956,
followed by a correctioni to Octo>
A third primary upswing began
taneously. One
onb
a
Pictured by
as
&
secular
ber, 1957.
ent-s
market simul¬
ral
.
..
—
stock
the
in
r•
"Image"
-
going on
were
A-
Daniel J. Berrell
S
II.. S.
.
said that three
movem
—_V-Ed wa rd
Growth-—
ties began in 1942 and ran to 1946.
It, too, had primary. swings with
and against the ' main, direction.
The
__
Today's Challenges Require
;
There
EXCEPT
Beech Aircraft Corporation-_______Ira U. Cobleigh
The Expanding Market for Foreign Securities
changes beyond fheir significance, and bytoday's>^
investors who let the short view preempt the long View.
'!>
,-•«
interest
^;;>When Gambling Pays Off.——_-Roger W. Babson
which magnifies
-v
no
Y
r
99
peak out, will be marked by tremendous specuIationV Tha< ,•
located in mutual funds by- vr
author who is disconcerted by today's communication system
the
'
3
a
>
r:
MPANY
•
Capital?
v
Achilles heel to the present market is
;
No nothin
...
*
"
:
John D. Wilson. 1
Should fTquity:er^ Debt Provide: the New
CO
NO STRINGS
I",
Stock* Market Outlook^^________Charles J. Collins
;
it does
V.
l'.;;vinThterestRates^lrr.^_x^U-
f;
nation will mark the;end of the present secular uptrend which,rWhen--y
\
PAGE
Prospects for Business Advance and Recovery
undergoing a ^low and healthy-readjustment to the'overpricing in*
[I
jP/E ratios "of ao-cailerd glamour issues when" hif with; a psychological.. ■: ;i
f
spasm comparable to President Eisenhower's heart: attack" i!v1355r i *
and USSR's successful-sputnik-launching in 195T. Unless the present.
-
V
;
which has not
r"
1
:
primary upswings of a secular upjhovemsnt.
; •
'
ND
A
upset, is said to constitute an important secondary setback in a
.
10
B.S.
stock market drop, triggered by the steel price
recent sharp
The
r
harmony., Over any broad pe¬
riod, one qr more, however* will
beginning with the peacetime op¬
eration of the, Federal Reserve at predominate, and this gives; the
market its direction. Let me now
the conclusion of World War I, we
liavb to add a fourth movement analyze each of these factors so
that we can see where they-are
to the stock market picture. This
\
is the movement running over a pointing.
Let's take credit. Of first imgbod part of a decade, or more. Let's term this the secular move¬ portance-in any silch examiriatiori r
is the policy of the Federal Re¬
ment.
;
!
;
■
-
Governments-
on
*•'
*'.
4
Electronic Int'l Cap. Ltd:
14
:
.;
t
■■
•
Public Utility Securities-—
22
Securities Now in Registration--—-
28
Prospective Security Offerings—
45
Security I Like Best. (The)—
2
Singer,Bean
&
Mackie,
HA 2-9000
ma
40 Exchange Place, N. Y.
Teletype NY 1-1825 & 14844
;
-
Security Salesman's Corner——
-
:
serve
Currently in Fourth Secular
Movement
We
tions
'
-
Board.
can
things.
The
Board's
made
secular
The
COMMERCIAL
Continued
on
page
-
f
25 Park
D.
-
PREFERRED STOCKS
SEIBERT,
'
President
S. Patent Office
PUBLISHER
REctor 2-9570 to 9376
,
E. F. MacDonald
^ WILLIAM DANA SEIBERT, Treasurer
;
'
Reg. U.
Place, New York 7, N. Y.
CLAUDE
s
\
;
" ;
*
*
;
GEORGE J. MORRISSEY, Editor
Thursday, May 24, 1962
Every
Thursday
(general news and advertising issue) and every
(complete
statistical issue —market
quotation
records,
state and city news, etc.). Other
Office: 135 South La Salle St., Chicago 3, 111. (Phone STate 2-0613).
Monday
corporation news, bank clearings,
22
Copyright
office
specialized in
Washington
FINANCIAL CHRONICLE
WILtlAM B. DANA COMPANY,
'
Reentered
have
and
Published; Twice Weekly
.
government bonds by the central
banks, referred to as open market
operations, may give a clue as to
Federal Reserve intentions. Operations based on seasonal and
upmovement of the 'For-
For many years we
St. Louis
Washington and You_____—48
"
banks must carry against deposits.; J
The third is > marginv rates^ on J
stocks. The buying or selling of - -
up
6
Los Angeles
San Francisco
One is the discount rate,
now
of a number
of primary swings, both with and
against the secular trend. The
secular upmovement Of the 'Thirties began in
1932 and ran to
1937. Here, too, a number of primary swings were witnessed with
and against the secular trend. The
was
Cleveland
Philadelphia
'
fourth secular upmovement
and
Donald D. Mackey
Direct Wires to
Chicago
interi- -V
easily be read in three
enjoying the particularly that of the central
under New York bank, where 'the fi¬
the aegis of the Federal Reserve. nances of the nation are largely
^;:
The secular, upmovement of the concentrated. Another is the per- - L V
'Twenties ran from 1921 to 1929 centage of reserves that member
are
Tax-Exempt Bond Market.
16
.
...
.
State of Trade and Industry (The)-——
,
-
26
;
at
by WiMkun
1962
B: Dana
Company
second-class
as
New
matter February. 25,
1942, at the
York, N. Y., under the Act of March 8, 1879.
post
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4
\The Commercial and Financial Chronicle
(2440)
OBSERVATIONS...
single phenomena
scientific
in
more
a
distributed,
AGAIN
—For Market
"Explanations"
Perhaps President Kennedy's cita¬
tion of the 1956-1957 divergence
between business
and the stock
market when asked about the cur¬
at his news
declines
market
rent
(May
Thursday
last
conference
17), will serve as a sorely high
level debunking of the so widely
held illusion that
the market's
performance is tied to economic
political events.
The President could have addi¬
priced "religion," actually entered
the high price-earnings territory
back in 1951, with a multiplier of
221/2.
By
1955,
the
Fulbright
time,
its
ratio
"high-market"
reached
29.3;
40.5;
1959—this
in
51.3
to
1957,
by
and
the
business
Even
with
there
too
high, and termed
At
Last, The
business
at
least
WITHHOLDING
Y/l
the
in
case
of
other reces¬
seven
sions, they gave no warning; and
market
registered
warnings via declines that proved
to be false. (The President's father,
before and after his chairmanship
times
19
the
of the
SEC,'constantly maintained
the minority role of bearish skep¬
tic.)
^
-«r
Findings of the National Bu¬
reau, which takes one of the more
favorable views of stock priceeconomic
indicator
show
market
the
correlation,
as
having cor¬
rectly anticipated economic turn¬
ing points in 60% of the cases;
but of acting as a
about 30%
reflector at only
in
1955,
to
at 0.74).
in the Army's overseas in¬
stallations, the possibility of which
is reported by Pentagon officials,
in
interpretations
ment
breaks, and to
public's bewilder¬
the
over
same
either
of
(1)
selecting those
of the external facts which
can
be
made to sound in conformity with
the
stock
decline,
or/and
(2)
ambivalently, after the market
has
declined,
interpreting
as
"bearish"
after
the
which
facts
same
market rise
a
cited
were
as
"bullish."
Exactly How High Is Too High?
Currently demonstrating the se¬
lective explanation routine is the
widespread citation of the "obvi¬
rally—
market
a
this twist:
President's
"The
the
that
Marines
will land in Thailand had a bull¬
effect
ish
the
on
market,
chips
and
defense
leading the way."
with
issues
?
mentioned
Supporting the last
bullish theme of this ambivalence
this from another commenta¬
was
nation,
crisis
we
has been
for
ment
cited
as
renewed
an
argu¬
inflationary
calling-in the
situation
been
has
explana¬
this inflated
existing
through many preceding years of
the market's great rise.
Back
in
that any real
on
military involvement
part would be
our
used
as
a
Frontiersmen."
The valid market
this
events
will,
the
await
The
rising
the
Fulbright Stock Market Inquiry as
evidencing
the
market's
over¬
pricing. But in the following six
the
years
market
tacked
on
an
additional advance of 100%; with
the
a
price-earnings ratio
further rise
Similarly
vidual
of
over
in the
issues
is
showing
70%
case
to 22.
of
indi¬
the
difficulty of
timing-the-explanation exempli¬
fied.
IBM,
now
termed
an
over¬
other
★
tion
ard
The
are
125
&
price-earnings ratios in this
calculated
on
Moody's
have
to
the
ticker!
New York State
ket's
bearish
kick-backing,
The
Chase
Manhattan
Bank
is
manager of an
which
underwriting group
May 23 purchased $57,State of New York 4%
on
330,000
31/2%, :3y4%,
3.30%, 3.40% and
Housing Bonds, due June 1,
1964 to 2012, inclusive. The
group
bid 1()0.0550999 for the bonds, set¬
2%
Other
cost of 3.21978%
the bonds
from 1.70%
to
members
are
to
maturity.
of
the
writing group include:
Kuhn, Loeb & Co.;
great
a
proportion
of
the
corpo¬
The
technical
also
exhibit
market
their
econo¬
share
of
t Ratios are annual averages compiled
by Standard & Poor's from their highgrade bond and industrial stock averages.
c o m-
about the
which
isted
in
growing
faster than
year,
fairly
are
their
out
highlighted by
in 1961 among
issues
New
York; Harris Trust & Sav¬
ings Bank; The Northern Trust
Co.; Mellon National Bank & Trust
Co.; Hallgarten & Co.;
Kidder, Peabody & Co.; Ladenburg, Thalmann & Co.; R. W.
Pressprich & Co.; Salomon Broth¬
&
Hutzler; Barr Brothers &
Co.; Blair & Co., Inc.; White, Weld
& Co.; The Philadelphia National
Bank; Bear, Stearns & Co.
ers
coin,
same
the
of
com¬
option
dilute
and
equity
balance be¬
bonds
stayed
that which
as
past
decade..
liberal
ex¬
Last
of
use
was
con¬
with
seen,
$750 million being offered
approximately $5 billion
total bonds. In my
er
use
should be
the fact that
the
stocks
about
It is
s.
to
that the
so
vertible securities
liquid
asset
executive
hesitated
tween
opinion, great¬
made
of
con¬
vertibles, especially in periods of
high stock prices.
of
$50 million and
Straight Debt
offerings
made
were
procure
capital
Studies
to
Edward A. Merkle
new
million
11.2
shares of American Telephone and
Telegraph, 896,470 shares of Paci¬
fic Gas & Electric,- and 1.6 million
shares
of
Bank
America.
of
In
addition, Union Oil of California
sold
$60
million
debentures.
convertible
of
.
.
A look at the balance sheets of
several
cluded
dicate
namely,
—
major
corporations
indi¬
dilution of the
increase
sub¬
in
depreciation
$26 billion
for 1962 as compared with $11.8
billion in 1953, and a slight in¬
crease
in retained earnings from
$7.9 billion to $10.5 billion in the
which
same
all
is
estimated
period.
securities
at
Net
are
new
issues
estimated
to
of
be
practically unchanged at approxi¬
mately $7 billion for
1962, as
compared with $6.7 billion in 1953
despite a substantial expansion in
National Product.
Of Stocks
On
the
demand
of
the
funds available for security
purchase keep growing.
It is es¬
curve,
must
is
available
esti¬
have
$7 billion, which
been supplied by in¬
convertible
period of
debenture,
years at substantial pre¬
miums above the then
price of the
common. This can
easily be placed
in
the
capitalization, while at the
time delaying dilution until
same
the
new
ating
facilities
line
and
are
on
making
the oper¬
a
worth¬
while contribution to earnings.
Bemoans
Failure
Convertible
to
Use
Serial
Debenture|
Incidentally, to the best of my
knowledge, I cannot recall an in¬
dustrial company selling a serial
convertible security and relatively
utilities
hicle
in
have
used
this
ve¬
the
past decade.
It
mathematically
obvious
that
is better off to sell
company
stock at least 10%
cases
stocks
any
which for all intents and
purposes
is .a sale of straight equity over a
funds, life and fire companies, and
corporate pension funds will ex¬
ceed
$3.5
billion,
as
compared
with an estimated supply of only
$2 billion. For the five years in¬
cluding 1962, the net deficit in
at almost
>
securities might be con¬
An example of this is
serial
a
mon
common
If
a
utility, the sale of convertible
preferred. Various forms of con¬
timated that in 1962, net common
stock
purchases
by
open - end
mated
stockhold¬
equity is required, the next best
thing is a convertible debenture
or,
when the debt /ratio is too
high, as it might be* in the case of
few
side
common
whorm ,Ij . .represent.
er
vertible
the
con¬
equal, and depending on the type
of
business, the straight debt
is always preferable to the
sidered.
reflects
have
we
route
acquisitions are practically
prohibited by the anti-trust laws
and high payouts are not in style.
condition
which
over a period of
years in¬
that all other things
being
what to do with all the money, as
stantial
Convertibles
or
Preferred to Equity Dilution
Demand Greater Than Supply
The Marine Trust Co. of Western
plans
panies
Chemical
Co.; Blyth
C. J. Devine & Co.;
Manufacturers Hanover Trust Co.;
with
smaller
Gross
is
a
com¬
above the
market than
below, and in many
rights to the new
security are given to
where
convertible
the
common
stockholder,
lucrative bonus
cost
accrues
a very
to him at
convertible
the company, for most
issues go to
a
pre¬
mium.
this
no
to
In
unalterably
of
ance
connection,
opposed
to
securities
new
I am
issu¬
the
except
to
stockholders, although some of my
investment banking friends wiil
probably disagree with me.
DENVER, Colo.—Russell Slade
dividuals, estates, etc.
It is this
underlying
situation
which
is
largely responsible for the high
multiples and, disregarding tem¬
porary dislocations, will probably
has become associated with Amos
maintain
and
C.
panies
Slade Joins Sudler
(Special to The Financial Chronicle)
Sudler
tional
who
&
Bank
has
business
Co.,
for
American
Building.
been
in
the
Mr.
Na¬
Slade
investment
has re¬
cently been with Nemrava & Co.
many
years
we
rate sales dollar to the wage bill."
execu¬
panies
positions,
Co., Inc.;
share
Ohio—Michael
A.
Wipper is now affiliated with
Gunn, Carey & Tloulston, Inc.,
Building, mem¬
Union Commerce
bers
of
the
Midwest
Stock
Ex¬
change. Mr. Wipper was formerly
with Curtiss,. House & Co.
of
com¬
in
few months ago,
for new
demand
of
unknown
per
the type of buyer that will be in¬
the in¬
equity
venture
capital companies made debt renancing less attractive than might
be
believed.
Many investors, in¬
almost ig¬
nored dividends as a requirement,
so
that even a government part¬
ner
in the payment of interest
cluding
professionals,
charges
was
especially for smaller
companies, both in¬
utilities, and that is
unlisted
dustrials and
tofore.
a
There is another very important
advantage,
im¬
relatively higher levels
relation to earnings than here¬
offerings
(Special to The Financial Chronicle)
stocks
at
satiable
Gunn, Carey Adds
CLEVELAND,
common
which record sound
provement
in
net
income
Until
contradictory interpreta¬
"Importantly worrying the
investor is the siphoning-off of too
by many company
ever, on the other side of the
relatively better established
tives, particu¬
larly those in
under¬
read this
tion:
ciated
This
wage
during the long
Bull Market the secular wage rise
was
constantly characterized as
the main-spring of cost-push in¬
flation; now, following the mar¬
perhaps
new
Bonds Marketed
extra-market
Whereas
a
cates that they really don't know
Wages
on
sec¬
Averasre
Industrials, the Dow Jones, Stand¬
Poor's 425 Industrial Averages.
of
chameleon-like investor rationali¬
mists
of
of
trend is an¬
phenomenon
long-term variety attracting
zation.
before
course
always,
as
course
Black and White
by
witnesses
implication of
political-economic
of the
expert
of
pose
&
March, 1955, the "in¬
(then with an earn¬
ings multiplier of 12, up from 9.8
two years previously)
was
cited
flated" ratio*
accentu¬
in the face of the announced pur¬
we
New
as an
ordinary
in
result
Bank New York Trust
stock market, but
believe it is much more likely
cheap at
The trouble with
would
stimulus to the
ply
of
repressive anti-business
legislation so dear to the hearts of
price earnings ratio
tion
now,
is that
confinement
ating capital gains goals (i. e.,
playing-the-market).
The latter
read this: "The Laotian
bull market credo that "growth is
price."
income
in Asia should ting a net interest
remind us of the permanence of to the State.
On
an armament-stimulated economy,
reoffering,
to
and inflation." On the other hand, priced
yield
supporting the down-side expla¬ 3.75%, according
ously
any
the
"The agitation
tor:
pretext for the most stringent price
and
production
controls, excess
profits taxes and the whole pano¬
excessive" price - earnings
ratios' supplanting of the recent
(2)
difficulties to his
writer the follow¬
day—after
came
are once
tice
near-
triggering
the massive sell-off this morning."
market-business
discrepancy,
the
interpretations
again following the prac¬
his
reasons for the
larger demand than
result, support high multiples and en¬
Convertibles are advocated during periods
as
during the last 20
corporate financing is
not
completely appre¬
in
stock
of
~
the
are
transition
over,
only
three common
May 14, "The worsening situation
blue
the
Asian
in Laos was blamed for
ceding
market
the
of
The
years
counts with the Internal Revenue
replacing
servicemen's
crisis by a newspaper commenta¬ "gold-outflow" goods purchasing
abroad0 with "savings"
and "in¬
tor,
following
the sharp
stock
market decline of the morning of vesting" their dollars.
citation
this
announcement
ameliorate
a
single factor is the current ration¬
alizing of the market's action run¬
ning true to form. First appeared
Currently stemming from the
difficulty
of
stretching
the prevailing facts to fit the pre¬
chronic
of
Noted
equity financing.
to be encountered by the
ordinary citizen in settling his ac¬
family; and
of the
its manifestation
ambivalent
culties
would be immeasurably increased
in the case of the G. I. and his
Laotian Ambivalence
Also
are
warns
high prices, and when the debt ratio is too high. Deplored is the
complete absence of serial convertible debentures, and the lack of
ingenuity in figuring out other kinds of convertible
financing.
fices
.
Just how low is too low?
ing
After-the-Event Rationalization
in
0.69
down
stands
From the
of the turns.
1960, and
1961
(it now
paper
of
Establishment of brokerage of¬
to Yield
in
0.76
buyers.
courage
FROM
7
1.31
tional
THE G, I.'s
Again instancing the after-theevent change of mind as to the
market's controlling factors is the
if funds
profit,
a
and
this may be
avers
against equity dilution, failure to favor stockholders when
issuing
new
securities, and neglecting to attract sophisticated and institu¬
part-of-
tionally pointed out, as has this
column,
the
examples of such
would be objectionable on a num¬
divergence as occurred in the bear supplanting of the long-held in¬
ber of grounds (including the use
market
of
1917
and
1920; the flation expectation, despite cur¬
of a new version of the part-time
fantastic market boom of 1926-29; rent Federal budget trouble and
our
gold situation, by the unfa¬ salesman). But of more immediate
the 1935-36 bull market; the 1939significance is the indication of
42
bear
market; the
1946-1949 vorable yields on stocks versus
the wide range of difficulties in¬
interval during which
the sub¬ fixed interest instrumentalities
herent in the pending Withholding
stantial postwar industrial boom
(chiefly bonds and savings ac¬
Tax proposal.
HrJ
But,
again,
we
must
completely failed to spark the counts).
The accentuation in the military
market from the doldrums; the point out that the situation now
sector (including the
Navy, where
cited as a breaker bf the market,
revived bull market of early 1958;
brokerage activities are already
and the market drop in late 1960. has existed for a long time.
of two major abuses
From way back in 1953 when permitted)
Preliminary conclusions of a cycle
yield ratio,+ at implied in the pending tax with¬
stuay now in process, show that the stock-bond
in the case of 15 recessions since
1.84, began to fall below its long¬ holding proposal come to mind:
(1) The complexities and diffi¬
1873, stock prices came through time norm, it declined further to
correctly with advance warnings;
needed. .Pleading let the, stockholders make
tech¬
.
convertibles
on
stock, and
common
propitious time to undertake convertible financing
.a
iv
cause
a
Exodus From
Inflation Hedge
straight debt in preference to
supply of stocks which,
of the market decline.
and
the
is
the ticker!
an-eye on
Financing advice to business lays great stress
up
nicians
;
By Edward A. Merkle,* President, Madison Fund, Inc.
.
recovery
come
figure
as
as
that is, "it
to expectations; it
has no bounce"; or just that "it
won!t last;",- < - .n>
• -A-a
.
has not
Thursday, May 24, 1962
.
Provide the New Capital?
expected; ' or
mingled with unsatisfactory profit
margin on increased volume. And
likewise is their grousing vis-a-vis
being higher than the recent premarket
break
multiplier
(35),
which
once
again
"recognized"
rose
unevenly
showing as
not
or
increase
.
Should Equity or Debt 9
discovered to be
are now
much
THE FISHING'S FINE
manner.
Thus, corporate profits, while ad¬
mitted to be large and increasing,
MAY
WILFRED
BY A.
ambivalence to
—if
.
not attractive. How-
terested
in
convertible
a
rather
than
stock.
This is
the
sophisticated
a
security
straight common
of obtaining
way
anld
buyers of securities
porate
institutional
on
your
cor¬
books.
Now, maybe it is
not important to you who owns
your securities, .but I think it is.
When you obtain such institution¬
al and sophisticated holders, my
experience
has
indicated
that
your multiplier goes up and your
cost of money is cheaper. It is that
simple, and I think there is
a
way
Volume
of
195
drafting them if
ested
in
Number 6162
you are
upgrading
The Commercial and Financial Chronicle
.
taxes
Beech Aircraft
holder list.
As mentioned previously, there
are
various kinds of convertible
securities
which
financial
meet
can
requirements.
I would like to
Corporation
By Dr. Ira U. Cobleigh, Enterprise Economist
.
most
in
An
However,
investor's eye view of an energetic company that has
use
a
little more ingenuity
figuring out other means of
undertaking convertible financ¬
ing. (There must be some other
ways that we have not thought
about.) I strongly believe that it
built
up
Thirty
function
Beech Aircraft
built its first plane, called Model
17.
In the intervening years, the
company has attained great stat¬
ure
and
leadership in business
aviation, with combined sales of
aviation
products
and
services,
since 1932,' exceeding $1V2 billion.
years
engine models that round out the
line.
craft,
prop
-
designed
■
stricted
terms
the
to
conventional pathave been going on
that
indefinitely.
.;
_
•
Some years ago, we made a case
study of two utilities that were
selling common stock at every op¬
portunity and never used con¬
vertibles
in
their
plans.
In one
case,
per
share earnings would
have been increased by 20% over
a
brief number of years by the
use
of convertibles,
and in the
other by 15%, and the stockhold¬
er, if he so wished, would have
realized
additional
income
•
••
flying today is the
growing segment of the
aviation industry, and the market
for
the
manufacture*
sale
and
servicing of business and utility
Financing
During
Inflation
As stated heretofore, in a period
of
inflation,
has
under
Japan
and
commercial aviation fleet.
fuselage sections for the Republic
F-105 fighter-bomber
(over $25
of
think
we
of
an
serves
are
land
launch
or
a
to
11 countries,
also
in
business
com¬
ter in
It looks
tinued
aft
private planes.
Of ons systems and space technologv.
these, over 40,000 craft are now Laboratory research includes test¬
flown
exclusively for business. ing heat tolerances of missiles re¬
The FA A expects a 75% expan¬ entering the atmosphere, the de+
sion in this business fleet by 1970. sign and testing of complex liauid
hydrogen fuel systems, evaluation
of propulsion systems for the At¬
A Business Necessity
better
part of valor,
and periods
of high price-times-earnings ratios
should
be
equity
capital
to
used
for
raise
needed
future
expan¬
sion. Prior to the past decade, this
function
of
financing
had
the
effect of
within
keeping stock price rises
bounds.
industries
Nevertheless, in
where
earnings
are
permanently rising
as
Utilities, manage¬
ment should not, except in special
circumstances, let the equity ratio
stable
or
trend
such
in
rise above
ratio
is
a
40%, for
stockholders.
dent
high equity
a
unfavorable
in
This
the
to
common
was
quite evi¬
of
American
case
Telephone where the management
seemed to be tied for many years
to a high equity ratio as a fact of
life. During this period, the stock¬
holder made very little money,
but as cash flow from higher de¬
preciation took the place of equity
financing,
earnings
took
on
a
more
rapid acceleration and the
price of stock doubled. I believe
food
companies,
tobacco
com¬
panies, and the better consumer
goods producers with steady earn¬
ings records could well consider
the
use
of convertible debt financ¬
ing where
although I
to remember when
companies in this category needed
am
hard
necessary,
put
equity capital.
sum
debt when you
up—use
with
can
prudence, sell convert¬
in
preference to
stock; and let your stock¬
holders make the profit. Finally,
ible
las
The
modern
private airplane
hasp in fact, become a business
necessity/The rise in population,
dispersal '-*.<• of "industrial
plants,
greater"" familiarity with flying,
the network
efficiency, speed and
private planes, and
the high premium placed on the
time of corporate executives, all
in
the
purchase and operation of
and service planes by
business corporations.
Yet, even
today, less than 12% of America's
is
Luxurious
astride
securities
.
we
seen
bull
are
now
in
market
conjunction with
a
an
for
unfore¬
bonds
stock
in
market
that still carries
satisfactory priceearnings ratios for sound growing
companies (even after the recent
"fiasco" of mixing politics with
business), now may be a propi¬
tious
ible
time
undertake
convert¬
financing, if there is
*Frcm
a
the session
in
to
the
nual
talk
on
Middle
meeting
Conference
York
by
Mr.
a
need.
Merkle
before
of
the
National
May
17,
Industrial
1962,
New
City.
With Calif. Investors
LOS
ANGELES, Calif. — Cali¬
Investors, 3544 Olympic
Boulevard, members of the Pa¬
fornia
cific
Ccast Stock
added
to
their
Exchange, have
staff
Gustave
E.
after
Models
located
at
its
Richards Named
BOSTON, Mass.
single
engined
puddle
the leader of the cur¬
line, the Queen
Air 80, is a luxurious aerial busi¬
ness
suite, complete with lounge
rent
★
Beechcraft
The 1962 edition of
sent the official
President,
*'
shares
listed
on
succeeds
with
a
proven
Law, Inc., 10 Post Office
^>irt
August
Mr. Richards
Hirschbaum,
V.
retired.
After joining AF-GL
York
in
headquarters
Richards
was
in its New
1956, Mr.
transferred
and
chairs,
conference
room
cabin,
sound-proofing, private lavatory,
etc.
This twin engined beauty is
tisino"
account executive
elected
a,
With Newburger,
i r
Uir
""
Loeb Co.
■
-v
NYSE.
current
★
engines, that can smoothly lift the
plane to 35,000 feet (service ceil¬
Get your
the
ing), propel it at 252 MPH, with¬
a non-stop range of over
1,200
miles. This model, priced at $135,000, was introduced March first,
yet it has already acquired an
orders' backlog of over $7 million.
perspective
on
other
Exchanges,
Elson
Guiterman has
joined
at, the
firm's
their
organization,
Diversity; in
Beechcraft
Size
now
other business
and
Do not miss the
before
in
this
New
perform¬
York City.
the outlook for this vital segment of the
this year's prospects and the future trends of
opportunity to advertise
important issue.
Please
your
reserve
Firm, Corporation
your
space
offers
closing date of June 12th.
nine
.
Regular advertising rates will prevail
,
keteer, is a single engine craft
and represents the company's-first*
entry into the low price field.
This
model,.. equipped with, all
necessary radio and instrumenta¬
for space
in this important issue.
,
tion, will bei available for Fall
delivery at $13,300. There's also
Model
the
popular
Fred J. Whitman & Co.
There
ever
35
single
built.
It
Bonanza, the most
engine air plane
can
carrv
five peo¬
ple, travels at 205 MPH and sells
at
a
basic retail
is
one
brice of $26,875,.
more
single»engine
THE COMMERCIAL & FINANCIAL CHRONICLE
,
25 PARK PLACE, NEW YORK 7, N. Y.
RECTOR 2-9570
or
requirements
Price
planes.
Its small¬
est and newest, the Model 23 Mus-
announces
main office at 5 Hanover Square,
public utility industry.
Bank
.t
that
in
★
.
and
nation's economy.
powered by 380 hp. fuel injection
and was
Newburger, Loeb & Co., members
of the New York Stock Exchange
ANNUAL PUBLIC UTILITY ISSUE will pre¬
on
the
Vic^Ffresident, in 1960.
opinions and forecasts of the nation's public utility leaders
non-industry authorities
to
Boston office in 1959 as an adver-
prices, around 16^, BCX appears
to be a sensibly priced aviation
equity,
manager
of the
of Albert Frank-
lic relations agency.
in 1962, be¬
15%. and 22%. At
tween
Richards, Vice-
has been announced by
John V. McAdams, President of
the national advertising and pub¬
Corporation has
its sole capitalization, 2,780,000
common
as
office
Boston
Beech Aircraft
our
s
The appoint¬
—
ment of Robert L.
ago, business planes were, for the
most part, small two to four pas¬
jumpers,
-
AF-GL Boston Mgr
Will Be Published June 14,1962
in sales, technology and
profitability. Whereas a few years
New
present
York address for 25 years.
THE CHRONICLE
this
forward
Ahlman, Richard E. Eckert, Colin
MacKenzie, Desmond J. McGlinn,
Wade A. Spence, and Henry T.
Waller.
All were formerly with
ing force that has built an envi¬
able reputation for excellence in
design, performance and highest
quality workmanship.
*
'
•
net
been
Square,
Beechcraftsmen compose a work¬
1961
to
con¬
end of the last fiscal year,
indebtedness.
Physical
The stock has ranged,
down
The trading company has leased
25,000 square feet of space in the
new
building, an, expansion of
40% more than its present office
space at 120 Broadway.
no
as
dynamic, and
virtually untapped market that
Beech Aircraft has been moving
"Financing Your Business
Sixties," at the ,46th an¬
Board,
to
plant and equipment are excellent
providing over half a million feet
of working space in three plants,
with a replacement value of over
$25 million.
Over 4,400 skillled
Of this
distilled
reported.
THE PUBLIC UTILITY ISSUE OF
common
since
well
million.
year
3,000 top commercial and indus¬
trial
companies
now
own
air¬
planes; and of 390,000 firms large
enough and spread out enough to
benefit
from
a
company
plane,
only about 10% have them.
Swift
as
(ended
Sept. 30, 1961) total commercial
and military
sales exceeded $72
ures
executive
It
and the
titanium liquid
and
total, $28,900,000
was
derived from military busi¬
ness, and $43,100,000 from sales of
business planes. These gross fig¬
steady upsurge
forward
•,
fiscal
a major expansion move to
office space at 60 Broad St.,
New
York
City,
it
has
bfeen
new
growth in Space Age pro¬
working capital of $27 million
at the
:.i
For
of
a
•
securities, will
make
ex¬
unlimited.
Financial position is strong with
net
Business Volume
■
of available airports;
have stimulated
missiles,
of
hydrogen fuel cells.
improved
economy
Titan
and
development
almost
Strong Financial Position
the
of
in weap¬
to
senger,
Summary
To
services
some
in over-the-counter
Guenther
businesses where discretion is the
on
are
in rising sales of aircraft
accessories, parts and service ($10
million last year) and in the ex¬
panding profitability of its sales
finance subsidiary, Beech Accept¬
ance Corporation.
Boulder, Colorado, work is
forward
Corporation,
largest dealers
continues
grams,
These
smaller
fields have no jet strips and de¬
vote
their
entire
facilities
and
going
of the nation's
;
fields
port
now
built
31% over 1960,
high, and export
in both the United States and
Canada,
and
time
management believes
debt financing with
prudence
is
always
preferable.
However, there are many cyclical
most advanced programs
com¬
that the opportunities for expan¬
sion of its business aircraft sales
and
McDonnell, and
target missiles for the Army and
Navy. At its modern research cen¬
plane.
While domestic
$1
one
The
excellent this
firm, which has branch
v'-i- ,/;y::/ VpVp /" offices in Boston, Chicago, Phila¬
delphia and San Francisco, has
Beechcraft
i
has
over
were up
all
an
year.
Lockheed
big and famous, yet of the 6,500
airports in the United States, over
never
net for 1962 of
a
share.
per
million worth to date), assemblies
for
supersonic jets for Convair.
think of Idlewild, La Guardia
mercial
license
Argentina,
Beechcraft
airport,
Miami International. These
90%
identical—$.49 per share. In¬
dications for the full year would
business
duced
When
a
suggest
planes, it is also a
scale and highly respected
military producer. Its Beechcraft
T-34 Mentor has been selected by
both
Air
Force
and
Navy for
primary pilot training; it is pro¬
never,
number
than for
was
famed
privately owned
and flown planes today is more
than
35
times
larger than the
The
lower
in fiscal 1961,
result of effective cost
programs, per share net
as
control
large
appeared
brighter. Sales of planes in these
two categories have soared in a
single decade, from $25 million in
1950 to over $200 million in 1960.
we
Debt
for
:
aircraft
11%
mercial sales declined in 1961, ex¬
is
N.Y. Hanseatic to
New York Hanseatic
about
port sales
Beechcraft
lor
future growth.
Expand Offices
but,
.Military Output
Whereas
manage¬
horizons
For the first six months of fiscal
1962 (to March 31,1962) total sales
•
...
Business
or
Prudent
.
fastest
from
valuable rights.
.:,
competent
attractive
$.15
the similar period
to
cruise at 300 MPH and to fly non¬
both industry
stop 1,500 miles, carrying 10 pas¬
fraternity to do
sengers.
Price, fully equipped for
thinking, to do a' little t
weather operation is projected
V
'
*
if "'
" .; all
exploring and find something dif¬
Rapid
Growth
of
Business
at
Fiying
below
ferent, since we should not be re¬
$500,000. A
.
of
and the financial
this kind of
and
plus a possible
stock extra at the year-end.
were
On the drawing boards is a
turbo
to
2% stock dividend
on Nov. 29, 1961.
a
distributed
$.60 regular,
are
model, the 33 Debonair, and a se¬
ries of intermediately priced twin
ago,
increased
was
record,
ance
ment
5
Dividend indications for this year
great business out of business planes.
a
rate
1961, and
was
in
the
$2,562,102, out of which
was paid to stockhold¬
dividends.
Quarterly divi¬
in
ers
cers
is
of
$1,577,643
dend
financial offi¬
see
(2441)
inter¬
stock¬
your
;
.
*
f
The Commercial and Financial Chronicle
J
(2442)
6
Illinois
Tax-Exempt Bond Market
By DONALD D. MACKEY
bond
would
The
of
time
Thursday, May 24, 1962
.
t
In
.
.
.
.
the
following tabulations we list the bond issues of
comprised $1,000,000 or more for which specific sale dates have been set.
conditions.
to market
^
for
bid
not
.
Larger Issues Scheduled For Sale
that "it
this issue due'
,
.
announced
issues,
before sale
hours
72
.
-
winning groups
members,
offered Vthe
248
i
*
-
:•
*.
to;'yield; from -1.55%* to'
"V* ' '
v '
. .'May
24 (Thursday)
3.15% for a variety of coupons.-. Maine,.' State
Teachers
College
■
•
•
Business Ahead
Priority orders for bank portfolio
* (Augusta)
2,600,000
1965-1992 111:00 a.m.
The
new
issue" calendar,
re¬ and investment accounts amounted
Liberty, Bethel, Fallsburgh, Neverduced substantially by this week's to $35,000,000 and after.the_ initial
; sjnk, Rockland and Thompson,
heavy • schedule,; now totals less order period,gan additional,$40,- ■
Central Sch. Dist. No. 1, N. Y.—
1962-1990
3:00 p..m.
3,219,000
than ; $450,000,000
through
the 000,000 of .bonds were sold. As Millenocket; Maine :
1963-1982
1,450,000
11:00 a.m.
first week in July. Of this amount we- go ./to - press
the remaining Oregon vfSalemV
'
1965-1977 ; 9:00 a.m.
4,858,000
the $100,000,000
California, issue
slated
for sale June
14, is the
1965-1994 ' 10:00 a.m.
000,000
largest, single offering. Usually the.
1,1:00 a.m.
110,000 ,1963-1982
month of June fosters the offering
sues*were offered for competitive
University of Illinois^-__-_:__.__ r.; 2,100,000' 1965-1999 lll:00a.m.
q! several so-called king-sized isr.
bidding." The larger/loan consisted /West Hartford, Conm_D-^_.i--_k;/LV'1,679,000* 1963-1982 - 11:00 a.m.
sues
and a total volume far in
of $16,000,00.0 Metropolitan Seattle, C.:^: A
excess
ol that
presently sched+.
Wash;-sewer revenue serial- (1968-,'
;i1/
'/-v.;
May-25 (Friday) ^
1963-1992
1938) and term bonds :;dUev 2000,* University of Washington1 3,000,000
.1:30 p.m.
; There are still no notable ne- which were awarded to the group/.v
'/'Z 1Vroxr ;9C /tvi
-a
go.iated type revenue bond issues headed by Blyth & Co., IhcThe>/;'Z/"■) ; </ I
/'
y 28 (Monday).
to
be
adoed
to
the
expected bid -figured at-a" net interest cost .King County,f;Wash._v„^__:_^_._2
1:30 p.m.
1,400,000 ,' 1964-1977
Calendar. In this respect at least,; of 3.6331%. The runnerup bjd, r a . Lake Tahoe Unified S. D., 'Calif.2_V:11:30 a.m,
1,500,000:.. 1969-1983
the municipal bond market would 3.64% net interest cost, was made; MayVille .(City) Joint SD #5, Wis. -;' 1,680,000 .-1963-1982
1:00 p.m.
bonds
-
bonds
The market for tax-exempt
•
.
.
,
'
has
during
and
has
tired, faltered,
past few days
finally
the
floundered.
Dealers
themselves
with
found
have
__
____
-
unprece¬
an
dented volume of
inventory which
has
been
seemingly
within
has
brief
a
actually
built
up
period, but which
been accumulating
past several months.
gradually
through the
As the market has been
and
winter
the
through
rising
spring seasons, a large volume of
new
issue
inventory has
been
progressively withdrawn from the
market
active
dealers found it
as
profitable to carry increased
sitions
and
ride along;with
trend.
favorable market
po¬
the
.-;;/> Z.rb
r
-
.
.
.
to be under no adverse pres¬
seem
"Shocking Revelation"
'
sure.
,
While
have
inventories
dealer
these
building
been
instances
they,
furtively
beer,
have
shown
not/ even
on sheets
in advertisements.
or
The
has
finally
situation
explosive to
market
general
become
the extent that within a few brief
from the
traditional
$500,-
jumped
offerings
days
less
or
more
No Reason for Optimism
almost
up
daily, they have riot been shown
in ,entirety either in the offering
sheets or in the Blue List. In rhost
000,000 /to about $640,000,000 as
shown by the Blue List. This was
a
shocking revelation to most of
the dealers; it brought home the
frightening realization that those
reaction, tnere are factors that
impede its further better¬
ment through the summer months.
The Treasury's u n f a v o r a b 1 e
correction.
market
,of municipals
May 23 was $620,942,000.
on
situation with attendant,
financing
problems
continually
makes
for
a
difficult Treasury
budget
The
gold
of
aware
it
as
*
out¬
are
with
their
'
behavior.
other
the
finan¬
own
;.
the
•;;;;
;
downward
trend
4
Commercial
The
Oi r»t„- r
interest
investor
the
in
empt bond market during the last.
Chronicle's
state
and
municipal
yield Index reflects a mar¬
fewr months, the factors that have
bond
generated
bear
stocks
the
ket
drop of about 5/sths of
for
the
for
our
high
The
week.
point
yield
a
average
list of preselected 20-year
-
the
may,
if
tinues,
begin to
effect
process
con¬
market
back
where
it
over
was
in.' ;
:v ".'A %
Recent Awards
month ago.
a
The
sue
general level of the new is¬
bidding this week has been
from
10
0.20%)
20/100ths
to
to
costly
more
than
rower
it
(0.10%-
would
the
bor-
have
been
Curtis.
from. 2JL0%
issue
attracted
V
Reoffered
to;
-
to
■
^
view
year
two back.
or
the
of
ran
the year-end
due
as
further
on
at
May 2)
than
over¬
appropriate.
correction
its
but
this
3.292%
35 basis points,
thus
far
ex¬
entirely
desirable
pears
or
seems more
and
Some
from
to 2.965%
of almost 0.35%
the
correction
perienced
rise
market's
(Index
seems
immediate
ap¬
somewhat remote. Although
inventories
continue
wieldy,
some
general
total
to
be
un¬
Busy Tuesday
Tuesday three
importance were
competitive ; bidding.
heaaed
jointly
Trust Co., First
Chicago
Co.
i
'
-•
T.mo
;
;
Alabama,". University
offered
The
June
2
-
-
;
reduction
in
the
2.40%
and
Halsey,
Chicago, The First
of
and
Goldman, Sachs &
the
high bid, a'
net interest eost, for $18,-
Stuart &
Chicago
Co., Inc.
and
were
in
1967
to
initial
upon
3.75%
$8,500,000 of the bonds
The
-2001-2002
in
bonds
.
S. C.
sold.
carried
___ —
./
,
imminent
price adjustment begins
awarded
terest
to
bring
tax-exempt yields into better
spective.
as
per¬
the
cost
bends
of
at
a
net
in¬
2.9574%.
coupon
and
The
other
group,
headed by
Forgan & Co.,, which in
past had bid for State
of
not
were
offered.
Glore,
the
3V2%
./j
,
MARKET ON REPRESENTATIVE SERIAL
ISSUES
.
Rate
^
California
(State)
31/2%
(State) _l_______
3%%
New Jersey
Highway Auth., Gtd._ 3%
♦Connecticut
New
York
State
3V4%-
♦Pennsylvania (State)
3%%
Delaware (State)
2.90%
New Housing
Auth., (N.Y., N.Y.)__ 3V2%
Los Angeles, Calif
3%%
Baltimore, Md
3^4%
Cincinnati, Ohio (U. T.)
31/2%
Philadelphia, Pa.
3%%
♦Chicago, 111
3y4%
New York, N. Y
3%
apparent
availability.
Bid
n
Asked
3.35%
3.20%
1981-1982
3.20%
3.05%
h
a
3.387%
interest cost. Sec¬
bonds, naming
3.397%, came
from the group headed
by Morgan
Guaranty Trust Co. Associated
3 05%
2.90%
1981-1982
3.15%
3.00%
1974-1975
2.80%
2.65%
with
1981-1982
3.05%
2.90%
as
The
major
Chase Manhattan Bank
underwriters
are
Blyth
1981-1982
3.10%
3.00%
&
1981-1982
3.35%
3.05%
3.20%
Chemical
1981
2.90%
1981
3 15%
3.00%
Co., Drexel & Co., Phelps, Fenn &
Co., White, Weld & Co., W. H.
1981
'
Co., Inc., Smith, Barney & Co.,
3.30%
3.20%
Morton
1981
3 25%
3.15%
&
1980
3.35%
-
Co.
Bank
&
The
Co.
New
and
bonds
York
.
Clark, Dodge
priced to
1986
for
a
variety of
Continued
to 3.45%
Strongsville City Sch. Dist., Ohio,/
University of Massachusetts Bldg.
page
7
10:30
a.m.
10:00
a.m.
:
;•
.
8:00,p.m.
-4:00 p.m.
1965-2002
10:00
a.m.
1,785,000
1964-2001
10:00
a.m.
2,810,000
1964-2001
2:00 p.m.
1964-2001
2:00 p.m.
1,555,000
1985-2002
11:25
a.m.
1984-2001
11:00
a.m.
1963-2000
10:00
a.m.
1963-1982
10:00
1963-1982
a.m.
2:00 p.m.
1963-1975
1SS4-1933
8:00 p.m.
-1963-1992
8:00 p.m.
•
7,250,000
1983-1932
5,000,000
1964-1981*
1,100,000
1963-1988
.
10:00
a.m.
2:00 p.m.
7:39 p.m.
1963-1973
11:00
a.m.
1963-1991
11:00
a.m.
1963-1982
Noon
;
1963-1982
9:00
1963-1982
9:00 a.nt
1,535,000
1934-1987
2,000,000
1933-1982
3,500,000
3,513.0~0
1963-1987
1964-1987
10:00
a.m
6,750,000
1,450,000
1965-1987
11:00
a.m
1963-1985
Noon
1963-1967
10:00
1965-1888
.
a.m.
11:00
a.m.
10:00
a.m.
1:00 p.m.
-
7:39 p,m.
2,200,000
June
7
(Thursday)
Albuquerque Sch. Dist., N. Mex.
Marion County, Ind.____Z
Oxford, Preston etc., Central Sch.
; .District No. 1, N. Y._____-_
Rocky Hill, Conn.
„
2,750.000
1.448,000
1,800.000
,
Authority, Boston, Mass
'
'
"
3,200.000
4,000,000
1883-1932,
a.m
1:00 p.m
1963-1891
1,165,000
1.230,000
1983-1982
June 8 (Friday)
11:30
a.m
'
Western
,
Washington Stale College,
Bellingham, Wash.
coupons.
on
a.m.
1963-1986
.
—---
were
yield from 1.50% in 1962
in
Trust
10:00
1964-2001
2,700,000
—-
net interest cost of
1981-1982
a.m.
1963-1977-
1,745,000
3.791,000
Lake. Worth, .Fla——.—_________
Long Beach, Calif.______^
ket
with
$9,000,000
Highway Prairie du Sac, Merrimac, Sauk
(1962
1990)
general
obligation'
Clty> etc-» JoinI Sch. Dist., Wis.
bonds on Tuesday. The account' South Redford Sch. Dist.,. Mich.__y
managed by The Chase Manhattan Spokane, Wash.
Bank was the successful bidder Snringfield, Mo.,
a
a.m.
11:00
,
7,200,030
'
ond best bid for the
11:00
1963-1975
1,000,000
11.200.000
Culver City Unified S. D., Calif.
Glencora Unified Sch. Dist., Calif.
Also
Dade
County,
Fla.
an
infrequent borrower, came to mar-
with
1964-1996
(Wednesday)
a
re-
,
1982
May , 23, 1962 Index=3.030%
____
•No
Maturity
2:00 p.m.
^
1,644,000
4,150,000
1,850,G09
-
_
1,000,000
2,750.000
_____
>./.
.
seems
1965-1982
Richland-Lexington Airport Dist.,
2000
about
were
a.m.
1,236,000
8,620,000
1,250,000
4,725,000-
(Monday)
.___
offering
a.m.
11:00
-
.
Bank
11:09
Arlington Heigh's, Ill....__:-_*____ / 3,500,000
Auburn University, Auburn, Ala.__
2,175,000
Lcuismna Stats University—: 2,735,000
^3P°n College, Board of Trustees,
Wisrcnsin-—■ 1,635,000
Riverside City H. S.rDish, Calif. - 1,600,000
i- ;-; /
:t1tt1^ c (Tuesday)
-
& Trust Co. of
a.m.
(Saturday)
270,090 sewer • "bondsv of
Wayne
•
During the past week state and
County, Mich. The second best bid,
bond
issues
totaling
•figuring a 3.71% net interest cost,/
about $300,000,000 were awarded
came
from the group headed by
'
at public sale. Eight new issues
Smith, Barney & Co. and Lehman Alcoa, Tann.
totaling $230,000,000 were of gen¬ Brothers.
; "V
V • A *
■" /• • Appleton, . Wis; A-_____ —_______
eral'
market J significance.
The
Other major members
of /the Ercoklyn Fark, Minn^_
most notable issue sold was $95,winning
group
include
Chase Dearborn, Mich.
000,000 State of Illinois,* general Manhattan
Bank, Bankers Trust Florida State Bd, of Education, Fla.
obligation
(1963 - 1987)
bonds.
Co., Chemical Bank New York: Hillsborough County Special Tax
There was but one bid made for
Trust Co., continental Illinois Na- • ' Sc- ocl District I\o. 1, FIa.i___—
this
issue
although two groups tional Bank
& Trust - Co.,'-Morgan ^°well Area Sch. Dist., Mich
had been formed up to bid.
Guaranty Trust Co., First National Maricopa County. Ariz.________.__
The syndicate jointly managed
City Bank,;. Harris Trust & Sav- Mount Vernon City Sch. List., N. Y. ;
by the Harris Trust and Savings ings Bank and Drexel & Co. The^^/'Passaic, N. J.
:
^.__
Bank, The Northern Trust Co.,,. bonds were offered to yield from Psterson, N. J.
—__
Continental Illinois National Bank
a.m.
11:30
;
June 4
by The Northern
National Bank of
a.m.
11:00
1963-1987
:
4
of--—
group
2:00 p.m.
11:09
i
A
i
issues
for
more
,
Univ., Valparaiso, Ind.
Washington Univ., St. Louis, Mo.__
submitted
3.66%
///;:\.:
Valparaiso
municipal
National
3:00 p.m.
^ 100,000.. 1963-1987
», -1,050,000.' 1964-1991
.
However, in
a.m.
8:00 p.m.
1963-1982
May 31 (Thursday)
^
+
%
.;
demand,■Marym t College, Los Angeles, Cal.
$6,000,000.
On
-
_
week
a
a.m.
10:00
7,000,000'
1,000,000:
Chester. City School: Authority, Pa.
Robbinsdale Ind..SD, ff281, ^Xinn-.
3.15%,- this
moderate
of
'
*
&
yield
with today's balance
general
a.m.
,9:30
1,153,990
13,500,000
__
winning group include Laden-
Jackson
in
feel
that / the
obligation we
on
balance
bonds was reduced from 2.984%,
politico-economic factors point up
last week's average, to 3.030% as a favorable bond market for at
we
go
to press. This represents least the near future, dealers will
the widest weekly fluctuation that (in all
likelihood be constantly
the
Chronicle's
Index
has
re¬
reminded by investors that they
corded.
It places
the municipal will not follow blindly from here
grade
-
bids
Michigan Corp., Hemphill,
Noyes & Co. and. Paine, ^Vebber,-
have a negative
prices. Although
bond
on
market
Sacramento County, Calif___J___
Sweetwater Jr. College Dist., Calif.
-Tarrant County - Water Control &
Improvement District No. 1, Tex.
jjniversity of Notre Dame du Lac
Four
First of
tax-ex¬
Financial
and
2,958%.
b;o«4r'&aWeeS, WecSen "co/
61 the stock market has increased
Index Reflects Market Decline
of
cost
ranging from 2.96% to
3.05% were also submitted, for this
popular bond. Other members of
concerned
• r •
interest
net
adverse
It becomes progressively
associated
cial
an
10:15
„
,
come
1963-1979
of the winning
The Sacramento Municipal Util-:
uc?s, County, Ohio_____;_
ity District, Calif, sold $10,000,000 Norfolk, Var'_
Opelika,- Ala.'
flow problem becomes more seri- electric revenue (1966-1982) bonds
to the Halsey, Stuart & Co., Inc.- Orange Co. Flood Control D., Calif.
eus month by month as more and
Lehman Brothers syndicate at a Oxnard Union H. S. Dist.,'Califmore
of
our
citizens
have
be¬
condition.
market
Although
-
members
___.—
may
about it.
total
.this
from
some
3:00 p.m.
1964-1992
Santa Barbara High Sch., Calif.___
3,400,000., 1963-1987
1965-2002
group include Smith, Barney & Vanderbil't Univ., Nashville, Tenn.
3,775,000
1963-1980
Co;, Harriman Ripley & Co., Kid-' Woodbridge Township S. D., N. J.
4,500,000
der. Peabody & CO.', White,-'Weld
on
/rr
j
\
& Co., R. w. Pressprich &f Co.?
"
- May 29 (Tuesday)
Kuhn, Loeb & Co,, Bear, Stearns Boston
University; Trustees / of,
& Co. and Dominick & Domihick."
' -(Boston, Mass.)
1962-1999"
2,850,000
The serial bonds were offered ta HUntsville,- Ala. 1
2,004,000 J 1963-1982
1964-1983
yield from 2% to 3.50%' and the Laguna Beach Unified S. D., Calif,
1,500,000
term
bonds fwere oversubscribed' Lexington, N. C;—
1983-1986
1,000,000
1964-1992
during the -order period.
Beacn, N. Y.—_r ; 2,375,000
Other
;
,
rebounded
has
withdraw their interests and await
worthwhile
;
pal bond market has experienced,
a
one
to ; three
point correction
during the past; two weeks and
economic factor and
a
Metro/St. Louis Sewer Dist., Mo.„, 4,500,000
man
Dillon, Union Securities;;& Monterey Peninsula Junior College.
Co. group... ;////Z /',> Vv"5/:' -L yj'I V> District,.Calif, :/_i—
2,240,000"
.-_1_
Although the state and mUnicir
precious few investors remaining
in. the market would immediately
The Blue
.
The First Boston Corp.-East-
by
2
•
■
June 11
Florida
Development
Commission.
-q,
V 1,800,000
•
1964-2001
(Monday)
2,260,000
■
1963-1936
10.00 a.m
Volume
Number
195
6162
The Commercial and Financial Chronicle
(2443)7
burg Turnpike Authority covered
interest
1.456
times
in
April
against 0.959 times a year ago.
Tax - Exempt
Bond Market
Continued from page
First
day
These examples are typical of the
trend.
to
$4,268,000. The 1987-1990 maturities carried a 3lk % coupon at 100
and were sold pre-sale.
Tuesday's other noteworthy sale
consisted
Wise,
$6,700,000
various
1982)
to
of
the
Madison,
(1963-
purpose
bonds which
syndicate
awarded
were
headed
jointly
Co., the
First National Bank of Chicago
and
Harris
Trust
and
Savings
Bank.
The
bid
figured
at
a
the
by
Bankers
Trust
2.8181%
net interest cost. The
curities
are
offered
at
se¬
prices
to
yield from 1.55% in 1963 to 3% in
1982
and
the
account
has
been
closed.
Keen
Competition
On
Wednesday, two sales of
importance were sought by dealers
in keen competition. A nationwide
group
of
headed
by The Chase Manhattan
banks
and
dealers
Bank submitted the better of two
bids for $57,330,000 State of New
York
(1964-2012) general obliga¬
housing bonds setting a net
tion
interest
ond
cost
bid,
of
3.219%.
The
sec¬
3.223% net interest cost,
the syndicate man-
a
made by
was
zu01
tor
a
said
to
successful
be
ing 20% of one's portfolio should be in
tific
in
1964
a
substantial
and
CLEVELAND, Ohio—On May 31,
&
Co., Inc., will be
Ohio
be
offices
Building, to
riiritiPQ
VmdittPQQ
member
a
Stock
the
in
TItp
the
of
fivrn
Mississippi
11/UM )
final
issue
$19,195,000
of
of
This
issue
First
National
to
Bank
City
stipulated a
the
group
% neLi!1ntfn„S.t
New
a
York
City
net
interest
cost
$10,000,000
of
school
3.2006%
(1971
bonds. The runnerup bid
ing
a
the
building bonds and
net
interest
3.06%
bonds
ton
net
designat¬
interest
cost
for
cost
Joseph Hartzmark
the
for
syndicate.
was
1
__
'
_
'''
reoffered to yield from
1.60%
$11,000,000 of the bonds had
been
sold.
Dollar
Bonds
Long-term
bonds
feel
issues
were
to
the
impact of liquidation as
began to slump two
weeks ago. These marketable is¬
the
>.
Invite
prefers
omit
you
ner..
....
sold
are
always
the first to be
dealers lighten inven¬
when
tories.
The
issues
were
high
coupon
the most
suffered
down
much
as
revenue
...
—
some
done for
new scientific developments.
short, I would think that 80%
of your stockholdings might be in
dividend-paying issues quoted in
daily paper;
companies working
,
,.
ings, Not Only to Past Earnings!
The
great discovery may not
from the human brain alone;
from the very earth .upon
come
but
.
which
and
on
20%
new
:
-
v
,
John A. Kemper &
High
Mr.
Just look back
and
in
you
are
walking,
now
is
1
nut
mif
hv
scien¬
rtner in
Aldinger & Co
of Detroit
a
L^
are
r*n
fXT
v
^
r
they
auuoioucs
mac
For
of
the
nnnnintmpnt
of
Mike
me
duced
light
ie-
cells
tuel cells
antibiotics
•
1956. Tomorrow's
big profit "kill¬
ings"
in
lie
hidden
this
Wake'tip!'The whole thought
emotionally. We know
arouses me
of
mass
research!
T
aoL-o'v
•<
what, .has
v
Don't
To
Select
Any
One
Drug
my
knowledge there
harness-
research
narness
Let
mention
me
happened
past 50 years;
during the
well, I believe an
equal number of wonderful things
Co.
will happen during the next 50. A
are
a
handful
of
earth
may
these*
China
or
India
researqn. L,ei me mention mese. unina, or inaia.
Law, Inc.,' 131 Cedar
Street, New York City, has been
the
by
Stanley
national
his
were
as
nor a
solicitation of an offer to buy any of these securities.
y"
staff
copy
May 23, 1962
previous
creative
*
offer to sell
an
The offering is made only by the Prospectus.
in November, 1959.
affiliations
agency
Among
This advertisement is neither
advertising- and
public relations agency.
Mr. Miller joined the
of the
Merritt,
director
copy
director
290,000 Shares
of
Friend-Reiss
Advertising Agency
in 1958 and as copy chief at Rich¬
K.
Manoff, Inc., prior to-that.
tic shows.
IPCO HOSPITAL SUPPLY CORPORATION
"i.
First
Republic
Last week
Financial
-bond
Chronicle's
Index
-3.773%
age
the Commercial and
revenue
averaged
out
yield; presently the
yield
is
words, the
quarter of
3.787%.
list
is
off
In
at
a
A
.
other
about
favorable
as
one-
market
re¬
sistance,
considering
also
the
rathgr heavy volume of trading.
Revenue
The
roads
v
revenue
the
reports
various
invariably
Common Stock
'
1
^
($1 Par Value)
York
I
*
,r.
Price $9.00 per share
E5eC"lT VlCr""
The First Republic
Fifth? Avenue;
City,
mutual
fund
375
.
dealer,
has
lion
Albert -H.
of
i
W f) h
» V Cllll
*
announced
the
Wahl
as
.
elec-'
Copies of the Prospectus
Vice-*'"
President, in charge cf the organ-'
izaUon> sales activities.
:
Mr. Wahl joined First Republic
in
I960
Fund
with
Director
as
Sales.
First
toll
He
was
Investors
be obtained in
may
from only such of the several underwriters
any
as
State in which this
may.
announcement is
circulated
lawfully offer these securities in such State.
-
of
..
Mutual
previously
Corp., New
shearson, hammill & co.
:
York
City, as Assistant -.Branch
Manager and Group Manager.
In Securities Business
curities
120-10
favorable.
>
t
GARDENS, N. Y.—Julius A.
Kellenbrand
from
in
are
New
ttt
H
±J-'
Corporation,
KEW
Reports Favorable "
monthly
coming
tt
.
,
aver¬
a point since last re¬
porting. For. 35-40 year bonds this
appears
*
CorporationNames
is
conducting
business
from
a
se¬
'offices -at
Queens Boulevard.,
*
:
'
paine, webber, jackson % curtis
a. c. ALLYN £ co.
A. G. Becker £ co.
'*
/;
walston £ co., inc.
incorporated
R. S. dickson £ company
...
ira haupt & co.
I
incorporated
The Indiana Toll Road earned in¬
terest 1.188
0.809
times
nois Toll
1.15
year
times in April against
a
year
ago.
The Illi¬
Highway earned interest
times
ago.
against
The
0.88
times
a
Richmond-Peters-
Forms Lancer Sees. Co.'
Lance
Zeaman
under
the
is
engaging in a
securities business from
offices-;at
92 Liberty
Street, New York City,
firm
Security Co...,.
name
of
Lancer
e. f. hutton £ co.
h. hentz £ co.
(
prescott £ co.
■
)
i
.
incorporated
,
.
.
,
save
your
life and it may come from Russia,
Guenther
announced
which
beaten these
these odds.
drug companies has doubled since
wonderful new dozen or more companies that are
the horizon-such gambling the above large sums on
fuel
ravs
few
a
excitingly close to making
"big money," but none made the
grade. Perhaps 34,000 to 0 seems
came
The
"about the
as llgm rays
Copy Department at Albert Frank-
year, drug
and
worked
one
r_,
_
is tomorrow.
.
on
isolated
34,000 cultures
of micro¬
organisms. With these, they pro¬
the amount spent annually by the
The best way is to make friends
scientists
and
chemists
and
know
Miller
using
with
not
were
spent over $214 million for
What About Drug Stocks?
^'^'discoveries
By
samples,
antibiotics to
search; that was four times larger like poor odds, but twice in recent
JJan 3ust 10 short years ago; and years drug research work has
share your profit with them. They
ennv
copy chiei and
and «
manager oi
create
example,, in
scientists
v
AF-GL Agency
to
rampant.
and
you
'
:
try
combat the infectious diseases still
prescriptions which
'^ical drug, mdi^try last year
11
-
sent to the drug
the
shout about
columns
are
laboratories.
bacteria from these
accomplished. Over two-thirds of
ana
casting.
-i»
research
^nonexistence at the end of
entitled "Trend of Affairs" which
are especially helpful to a layman,
I repeat, "big money" comes from
"gambling":
and successful
successful gam¬
cam'gambling"; and
bling comes from successful fore¬
"
samples that
new
a
World War II.; But what I want to
Mnccnphiicpttc
bridge, Mass. There
•
o a
,xr.
presently above their lows by at
a point.
or
such places come thousands of soil
almost
few short years
has already been
what
see
for
To make
"big .-money"
you your neighbors take to fee drugshould subscribe to such maga- §lst this year will .be for drugs
"Ravi'pu/"
Company, 206
Street
Fordon
smallpox, diphtheria, and
polio, can be done
everything else.
tific developments.
j' 1
„
Turnpike 4%s;. Kentucky
A hPTT,
Turnpike, Eastern 4.80s, Kentucky ri-1UK^1 u
Turnpike,. Western 4.85s, Okla- T
homa Turnpike 4%s were all
hit'£er°T
least
com¬
omit one, the
could be the win¬
i:V;'
V.
"
„
Exchange, will become a; Review" put out by Massachusetts
partner in the Exchange firm of Institute of Technology of Cam-
Florida
hard after their recent
spectacular
rises. These and other issues are
10
Wake Up! Look to Future Earn¬
who
Successful drug companies are
the big gamblers. Therefore you
can invest in these companies gnd
let them gamble for you! They are
and
your
Stock
four points.
as
to
buy
you
market
sues
not
can
beware
always advising caution.
are
In
reve--f|V?"1;19?3.to
1958 h/ was a-writer
for television comedy and drama¬
quick
bacteria.
Olin
shares of each of the above
of timid brokers and bankers
— On June 1, Ralph zines as "Scientific American" or
Fo^n, member of the New York, my own favorite the "Technology
ard
Wilt
dollar quoted
gravity—and
who
"gamble" for himself
panies. But if
My. such professors for lunch;
LIMA, Ohio
school
bonds
i
4
partner
a
^
of
in 1963 to 3.20% in 1983 and after
the
initial
order
period
about
nue
the
Fordon To Be
Vice-President and
The
ing
ere-
^.^ considerable criticism.
in Goodbody & Company.
3.24%
a
made by the First Bos¬
was
Corp.
are
for
reader
'
.
of
now' a11 watching for a cancer from the cobwebs in your attic,
•
wnat is sampling-.
cure. Some one of them will find or the bacteria in your cesspool, or
Mr. Lee and Mr. Joseph HartzI am not referring to horse or the vacciue to prevent the "com- from anywhere in the world—a
mark
were
formerly with the dog racing — not to "betting" of Son, c0Jd>. ana^er will discover wilderness in Borneo, a plantaCleveland
of
Westheimer any kind; but rather to
office
buying the bacteria which will help young tion in Brazil, a ranch in Kansas,
and
What has
been a
Company.
Prior thereto into new ideas, new discoveries, people
S. A.
From
1DeC)i:)Ie mentally.
mentally. What
has been
a backyard
hapkvarH in
in the
thp U,
TT S
A
Frr>m
a
1982)
-
"investment."
office
tary. Mr. Georges will hold
Exchange membership.
-
$9'195'900 I
a^
mHlHinl
Buildin& (1963-1982) bonds and
scien¬
new
one
main-
bonds.
awarded
was
discoveries,
the drug
' forms' of
YorkA recent column of mine has
will
vanousjpurpose (i&63- Mlllef NgUTied bV
cfonI
AKli
rfoTi AM
general,
obligation
which
Vw 1
note
State
new
(Division..
Smith, Kline &
Laboratories, Inc., Searle
(G. D.) & Co., Schering Corp.,
Richardson-Merrell Inc., Merck &
Co., Inc., and Sharpe & Dohme.
It is impossible to know who will
win the
"big money"; but any
itnll
New
and
Fordon
of
as
at1was. that both speculating ;
25 Broad Street.
Officers witL be ?nd PlaclnS funds for safety and
make
*
Lee
Hartzmark,
President
and
' big money.".
Treasurer; Joseph Hartzmark,:
1 stressed was the danger of
Chairman of the Board, and Paul <
^tempting to mix the two forms
Georges, Vice-President and Secre- 0±
investment.
tain
ex¬
3.75% yield.
week's
East
engage in a sec
*
Exchange
West
underwriting is
developments —such
Squibb
Mat hie son),
French
industry, the point is clearly
gambling and that "successful gambling comes from
successful forecasting." Mr, Babson
completely dismisses horse or
dog racing, or "betting" of any kind from his discussion of the two
Hartzmark
formed "with
which is being dissolved.
This
H.
made that this is
sold at
consisted
•
f^r\
pected. The 2008 to 2012 maturi¬
ties carried a 2% coupon and were
a
Parke Davis & Co., Lederle
(Divi¬
sion of American
Cyanamid), E.
Answering criticism of May 10th column analysis of the part gambling
plays in investment fundamentals, Mr. Babson elaborates on the
distinctions between betting,
gambling and speculation. In suggest¬
In Cleveland
''
variety of
coupons. Pre-sale orders for port¬
folio
and
investment
accounts
Were
XJor»f ryvvY o v»lr
lldl IZlIldl ft.
1
70?
bonds to vield from l
in
Laboratories, Lilly (Eli)
Company, Pfizer (Chas.) & Co.,
By Roger W. Babson
.
Partner
Thj winning J™,*
.o/o
1
-
Abbott
Gambling Pays Off
6
amounted
orders
When
mcdonnell £ co.
-
incorporated
van alstyne, noel £ co.
8
The Commercial and Financial Chronicle
(2444)
Sealed Power and Ameri¬
Electric
can
RECOMMENDATIONS
PARTIES
INTERESTED
SEND
view—Vanden
Lieber
Broeck,
THE
&
38, N.
Y. Also available are re¬
views
of
Hawaiian
Boston
Edison
Corp.,
Foods
General
Pacific
Co.,
Products
Co.
South
and
Jersey Gas Co.
Bulletin — Over-the-Counter Index — Folder
Goodbody & Co., 2 Broadway, showing an up-to-date compari¬
New York 4, N. Y. Also available son between the listed industrial
-are
comments on the Chemical stocks
used
in the Dow-Jones
and Construction industries..
Averages and the 35 over-theBond vs. Stock Market—Bulletin counter industrial stocks used in
Industry
Banking
—New York
—
Hanseatic Corp.,
120
Quotation
National
the
Bureau
Boston Capital
Buckingham
The
South
&
at
Stocks
Common
Bargain
a
—
Hedge
Co.,
—
Report
Schweickart &
—
New York
Broadway,
29
a
as
6,
N. Y.
Electronics—Report—Reynolds &
Co., 120 Broadway, New York 5,
analysis
N. Y. Also available is an
of Globe Union Inc.
Growth
Select
to
Stocks—
Bulletin—Butler, Herrick & Mar¬
76-11 Thirty-seventh
Heights 72, N. Y.
shall,
Ave.,
Spring St., Los Angeles 14,
Francisco
Calif.
4,
—
Analysis
Industry
Hourwich &
—
Co., 40 Wall Street, New York 5,
New
York.-
St., Chicago 90, 111.
Also in the same bulletin are dis¬
cussions of the Construction and
corporations — Daiwa Securities
Co.,
Ltd.,
149 Broadway, New
York 6, N. Y.
Japanese
—
Co., Ltd.,
York 6, N.
61
Y.
—
Securities
Nomura
Broadway,
Also
Review
Market
New
available
Japanese
is
review
a
Department
of the
Store
In¬
York,
Inc., Ill Broadway, New
York 6, N. Y.
Also available is
an
analysis of Kataoka Electric
Co.
Ltd. and
data
on
Asahi
Glass
Co., Hoya Glass Works and Nip¬
Sheet Glass Co.
pon
Life
Insurance
of stock
Ratios
groups
—Survey—Shields & Co., 44 Wall
St., New York 5, N. Y.
Control
Air
Products—Memoran¬
New York 6, N. Y.
111 Broadway,
*
*
Products
Air
*
Discussion
—
Inc.—Analy¬
Electronics,
Airpax
sis—W. T. Emmet & Co., Inc., 375
Park Ave., New York 22, N. Y.
available
Also
is
analysis
an
of
Berman Leasing Co.
Gas
Alabama
Corp.
Brothers
Or vis
&
—
Co.,
Review
15
—
Broad
St., New York 5, N. Y. Also avail¬
are
reviews
Telephone
Pacific
of International
Corp.,
Telegraph
&
Lighting
Corp.,
Suburban
Propane Gas Corp., United Artists
Corp.
and
Power
Co.
Aldens
Washington
Water
—
Y.
parative analysis of 60 companies
—Ralph B. Leonard & Sons, Inc.,
25 Broad St., New York 4, N. Y.
—Analysis—Walston & Co., Inc.,
265 Montgomery St., San Fran¬
cisco 4, Calif.
is
a
bulletin
Louisiana Municipal Bonds—Pam¬
phlet of ratings—Scharff & Jones,
Inc.,
140
Carondelet
St.,
New
Orleans 12, La.
Market
Outlook—-Report—Robin¬
son
&
nut
Streets, Philadelphia 2, Pa.
Co.,
Inc.,
15th
and
,
on
Company.
Chest¬
is
Coal
memorandum
a
Copperwcld
The Utah Securities Dealers Association has elected the following
coming year:
,
.
0
—
Co.—Analysis
Revlon.
on
Co.
Steel
—
Data
—
available
Pfizer
&
Co.,
Electric and
J.
on
P.
Inc.,
Chas.
Philadelphia
Inc.,
Corp.
Kidder &
Data
—
President: Robert B. Bullen,
—
Vice-President: Robert P.
Co., Inc., 1 Wall
St., New York 5, N. Y. Also avail¬
able
are
data
Gas
Co.,
Dairies,
Foremost
Courts
&
Data
—
able
are
data
tion Biscuit
—
Fram Corp., Na¬
on
and Radio
Corp.
2
Janney, Battles Names V.-Ps.
Eastman Kodak—Analysis—Bache
&
Co., 36 Wall St., New York 5,
New
York.
Fairchild
PHILADELPHIA, Pa.—Janney, Battles & E. W. Clark, Inc., 1401
Camera
H. Hentz &
York
Beckman Instruments—Memoran¬
dum—E. F. Hutton & Co., 1 Chase
Manhattan Plaza, New York
£5,
N.
Y.
randa
Also
on
available
are
memo¬
Timken Roller Bearing,
Report
—
—
Co., 72 Wall St., New
Walnut St., members of
Thomson
Corp.
Report
—
—
&
McKinnon, 2 Broad¬
New York 4, N .Y.
Harris Intertype
Corp.—Review—
L. F. Rothschild & Co., 120 Broad¬
New York 5, N. Y.
Harshaw Chemical Co.
—
Hardy
&
New York
Co.,
Analysis
Broad St.,
—
25
4, N. Y.
Harvey Hubbell Inc.—Analysis—
Cooley & Co., 100 Pearl St., Hart¬
N. Y.
Corp.
Business
Machines
Memorandum
—
Pressprich
&
New York
Co.,
Pine
80
St.,
5, N. Y.
available
(TOSHIBA)
Hudson
analyses .of
Company
are
American
Oil
Bay
Mining
and
Smelting Co. Ltd.
New
York.
of
Philadelphia, the Investment Traders Association
Association.
Mr. Motter has been Manager of the firm's York
1928 and has been active in the
than 34 years. He is past
more
of the United Fund of
on
page
professional branch of¬
fully
equipped,
conditioned
P.
very
sible
Box
suite;
includes
two
C.
corporation
for
A.
staff of
attorney,
tax
and
air-
expert;
best location; respon¬
parties;
A517,
.
confidential.
Commercial
&
46
Chairman of the budget committee
York and past President of the Lafayette
He is one of the founders and a Director of the John
Printing Press Co. of York. He is also a member of
the finance committee of The Historical Society of York and of the
Motter
C.
'
'
Mr. Rambo has been active in the
he is
Country Club and the Philadelphia Aviation Country
POSITION WANTED
Reg.
tion
N. Y.
seeks posi¬
assistant to top Security
Rep
as
Club.
SITUATION WANTED
(NASD)
Diversified
Analyst.
back¬
ground prior to entry into Se¬
curities Business. Scientific and
Technical
Article
Magazines
and
Studied
N.
at
nance.—Best
nancial
7,
investment securities busi¬
associated with Janney, Battles &
Clark, Inc. since 1958. A graduate of Penn State University,
member o£ the Racquet Club of Philadelphia, Whitemarsh
M510.
York
been
and has
a
Park
New
1957
since
Financial Chronicle, 25
Place,
office since
investment securities business for
Club of York.
E. W.
ALBANY, N.Y.
fice;
Teletype NY 1-376; 377; 378
Club
and the National Traders
ness
or
Trinity Place, New York 6, N. Y.
has been associated with Janney, Battles & E. W.
Mr. Knapp
Visiting Nurses Association of York and York County.
Available
Members New York Security Dealers Association
Joseph S. Rambo
Joseph S. Rambo as Vice-Presidents of the
Interstate Department Stores, Inc.
Continued
Troster, Singer & Co,
and
—Analysis—Bruns, Nordeman &
Co., 115 Broadway, New York 6,
Jet-Aero—Memorandum—Kordan
Primary Markets
Motter
Clark, Inc. and its predecessors for the past 15 years. Mr. Knapp
is a member of The Bond Club of Philadelphia, the Municipal
Bond
Company of
Ltd.—Analysis—Royal Se¬
curities Corp., Ltd., 244 St. James
St., West, Montreal, Que., Canada.
and
L.
firm.
W.
R.
—
Fred L. Motter
Alfred S. Knapp
Fred
International
Also
TOKYO SHIBAURA ELECTRIC CO., LTD. ADR'S
the New York Stock Exchange and other
leading exchanges, has announced the election of Alfred S. Knapp,
5, N. Y.
Greyhound
British
SONY CORP. ADR'S
Hogle & Co.; Calvin P. Gad-
dis, Edward L. Burton & Company; John T. Clarke, Merrill Lynch,
Pierce, Fenner & Smith Inc.; Glen L. Davis, Ure, Davis & Co.; and
Phil S. Tunks, Edward L. Burton & Co., Ex-Officio.
11
Co.
Dempsey-Tegler & Co.
Directors: Howard Stevens, J. A.
Marietta St.,
W., Atlanta 1, Ga. Also avail¬
Co.,
Schwabacher & Co.
Woolly, R. P. Wooley & Co.
Treasurer: Edward J. Mawod,
Inc.
Holding
Loan
&
Companies.
Delta Air Lines, Inc.
N.
Aspden
Secretary: William A. Aspden, J. A. Hogle & Co.
El Paso Natural
on
Savings
and
William H.
Robert P. Woolley
Robert B. Bullen
S. Gypsum.
U.
Curtiss-Wright
A. M.
data
are
Swingline,
Stevens,
Barton Distilling Co.—Analysis—
ford 4, Conn.
Fulton, Reid & Co., Inc., East Ohio
Building, Cleveland 14, Ohio. Also Ilomeitake
Mining — Analysis —
available is an analysis of Road¬
Eisele & King, Libaire, Stout &
way Express, Inc.
JY*
50 Broadway, New York 4,
For banks, brokers and financial institutions
directors for the
offcers and
new
Canada
HAnover 2-2400
may
SECURITIES DEALERS ASSOCIATION
UTAH
International Nickel
74
Annual
Paine, Webber, Jackson & Curtis,
25 Broad St., New York 4, N. Y.
way,
Arrowhead & Puritas Waters, Inc.
available
New
way,
Analysis — Ira Haupt &
Co., Ill Broadway, New York 6,
N.
Jefferson Standard Life Insurance
Analysis
—
of America.
Companies—Com¬
Also
its
for
call
Co., 14 Wall St.,
York 5, N. Y. Also available
—
&
Co., 80 Pine St., New
5, N. Y.
York
able
dustry.
Japanese Market — Review — Yamaichi
Securities
Co.
of
New
last
Plaza Hotel. Last minute
be made with William Sabah,
—W. E. Hutton &
Also
industries.
Sales
Retail
Stearns
Japan—Analysis of financial state¬
ments of
149 selected Japanese
Co.
Consolidation
4, N. Y.
dum—Clark, Weinstock & Porges,
Telephone
Independent
the
1, Ont., Canada,
Service
Cities
Telephone Industry—Discussion in
current issue of "Business Com¬
ment" — Northern Trust Co., 50
Turnover
Independent Banks for Investment
issued
4%% or
better—Review—Hemphill, Noyes Laird, Bissell & Meeds, 120 Broad¬
way, New York 5, N. Y.
& Co., 8 Hanover St., New York
Jackson
—Memorandum—Mitchum, Jones
& Templeton, Russ Building, San
has
($30 per couple)
Winslow, Cohu & Stetson.
Calif.
4, N. Y.
Quality Stocks Yielding
South La Salle
How
Club
reservations
—
Averages, both as to yield
market performance over a
New York
Debentures
Convertible
Glee
STANY
Dinner Dance to be held May 25 at the
Analysis —
Co., Inc., 621
Corp.
Richards
CLUB
—
St., New York 5, N. Y.
Hill
GLEE
STANY
Memorandum
—
Shearson, Hammill & Co., 14 Wall
and Canadian Western Natural Gas Co.
23Ltd.—Review—Ross, Knowles &
year period — National Quotation
Report—May & Gannon, Inc., 140
Co., Ltd., 25 Adelaide St., West,
Bureau,
Inc., 46 Front Street, Toronto
Federal St., Boston 10, Mass.
Broadway, New York 5, N. Y.
NOTES
NSTA
Savers Inc.—Re¬
Co., 125 Maiden Lane, New York
MENTIONED WILL BE PLEASED
FOLLOWING LITERATURE:
FIRMS
THE
THAT
UNDERSTOOD
TO
Power.
Life
Nut
Beech
IS
Thursday, May 24, 1962
Eastern Air
Spiegel,
Pepper,
Lines,
INVESTMENT LITERATURE
IT
.
Textron, Motorola, Champlin Oil,
Dr.
AND
.
Consolidation Copper,
Inspiration
DEALER-BROKER
.
The
Writer
News
Y.
Inst,
of
References.
Commercial
for
Synds.;
Fi¬
Box
&
Fi¬
Chronicle, 25
Park
Place, New York 7, N. Y.
Attorney, Harvard Law School;
LL.M.
(Taxation)
N.
Y. U.
in
June. Investment Company ex¬
perience.
Seeks
tax
position
with corporation, law firm, mu¬
tual
fund
E 516,
or
distributor.
Box
Commercial & Financial
Chronicle, 25 Park Place, New
York 7, N. Y.
Volume
195
Number
6162
.
.
The Commercial and Financial Chronicle
.
Expanding Market
/
By Daniel J. Berrell
to be made
by June 30, 1962,
sold in the years
total
now
than the entire amounts
more
1961 and 1960. The fact that two debt issues
were
being prepared for sale, indicate that 1962 may be
foreign flotations.
Reasons
their securities
sell
them.
are
Signs are that foreign security sales will rise in the future
effect
U. S. balance
on
On
May 16 an issue of $17,500,000
Japan
Development
Bank
6%
of payments
Belgium (Kingdom of)
$30,000,000
of
5V2%
external
guaranteed external loan bonds loan sinking fund bonds' due April
due May 15, 1977, offered at 96%
1, 1977 offered on March 28, 1962
to yield 6.41%, through The First
through Morgan Stanley & Co.;
Boston Corp., Dillon, Read & Co.
Smith, Barney & Co. Inc., and as¬
Barney & Co. Inc., sociates.
oversubscribed. scribed.
the same date, an issue of
Smith,
Inc.,
The
issue
oversub¬
was
and associates, was
And
on
$25,000,000 European Coal & Steel
Community
514% sinking fund
bonds due April 15, 1982 offered
at
99% to yield 5.33% through
$10,000,000 of 5V2% bonds due
1, 1977 offered publicly on
April 4, through Kuhn, Loeb &
Kuhn, Loeb & Co., Inc., The First Co., Inc.; Harriman Ripley & Co.,
Boston Corp., Lazard Freres & Co., Inc.;
Lazard Freres & Co., and
and associates, was also oversub¬ Smith, Barney & Co., Inc. The is¬
scribed.
The
sue
popularity
of
these
with American investors
doubtedly
noted
issues
was
un¬
foreign
by
York
capital market.
Al¬
three other big flotations
ready
are
being
readied
for possible
launching within the next month.
They are:
An offering to stockholders of
Philips N. V.
(Eindhoven, The
Netherlands) of 6,153,140 common
shares, priced at N.F1.118.75 per
share
or
a
total
dollar
Compagnie Francaise des Petroles
$5,000,000 of 6% serial notes due
cor¬
porations and governments await¬
ing the opportunity to enter the
New
oversubscribed.
was
value
1962-1970
sold
privately
Co.;
and
of
Harriman Ripley
Lazard
&
Freres
&
Co.,
Co.
European Coal & Steel Community
but will be
fund bonds due April 15, 1982, of¬
fered on May 16 through Kuhn,
Freres & Co.. and Jamaica Public
Service
Ltd.
common
shares, with
will
dollar value of
underwriters
Webster
offer
a
215,000
maximum
$5,375,000, through
headed
by Stone
Securities
Corp.,
&
and
Greenshields & Co.
$25,000,000
514%
of
Inc.; The First Boston
Corp.; Lazard Freres & Co. The
was
v. '
'I/*.-/--"
'.'V•
*,
;
,.
y*
Japan Development Bank
$17,500,000
6%
guaranteed
May 15,
1977 offered on May 16 through
The First Boston Corp.;
Dillon,
Read & Co. Inc.; Smith, Barney
external
&
Co.
of
loan
nancing
the
are
relatively scarce. Thus,
oversupply
of
anything,
California
oranges
the demand for
current year is expected to exceed
that for the entire years of 1961
and 1960. And if the current stock
market
decline
or
more
However, if the U. S.
that
time
unlikely.
seems
of the
History:
Those
for¬
good
a
credit rating
by
erlands
zil
have
U.
economy
went
Dillon's Lament
tablished
"iv;,'
S.
of
selling bonds to
the
investor?
At the Monetary Conference of
the American Bankers Association
in
Rome, Italy on May 18, U. S.
Treasury Douglas Dillon deplored
the stepped up
pace
of foreign
financing in the U. S. He stated:
"I
am
concerned
creasing
of
use
mechanisms
of
with
the
the
various
the
New
issue
bourg,
not
the current stock market
the bond market picks
ever,
ing to the New York market
tain banks in those countries have
bonds
issues from the surplus countries,
even as we
in the U. S. are en¬
and
the
Netherlands
vestor may be described
ing
has
attempted to sell securities
publicly in France, Italy, Belgium
or
West Germany, although cer¬
and liking it less.
more
The
Rates
of
6%.
This
high
appears
are
when compared with current U. S.
predictable
corporate bond yields of about
41/2%. But it is not excessive for
confidence.
the
uted
which
agency
rowing
money
Bank at
an
from
ment at
has
from
average
the
been
the
World
as
Communist
China
and
Russia.
institutional investors
have been attracted to foreign se¬
curities because of (1) High yield,
An old joke attrib¬
Rogers
defines
"Someone
for individuals.
who
a
will
Countries that
own
raise
funds
for
restrictions
with
on
controls
the rise.
lingering on from earlier days, it
has the incongruous effect of shunt¬
vealed
eign
that in
Corporate
1961
sales
Issues
re¬
of For¬
Mr. Dillon
less
the
U.
notwithstanding,
S.
flows
to
of
areas
maximum
profit" will continue in effect, and
foreign borrowers will accelerate
their efforts to raise funds in the
lucrative American market.
Form Gilstrap Co.
AMARILLO, Texas—The Gilstrap
prosperous and
having economic difficulties.
The chances that
will
seek
foreign issuers
additional funds in
the
M. J. James and J. N.
Crook, Vice-
Presidents;
S.
and
D.
Gilstrap,
Secretary and Treasurer.
an offer to sell, nor a solicitation
of an offer to buy,
of these securities. The offer is made only by the Prospectus.
totaled
$363,202,000, up sharply from the
$151,583,000 sold in 1960. During
the
same
period Foreign Govern¬
shares offered
share ($14,375,000)
on April 12 through Bache & Co.;
Paine, Webber, Jackson & Curtis
1,250,000
$12.50
common
per
and
Nikko
New
York
Securities
Co.
Ltd.,
City.
FASHIONS
FOR
GIRLS
ment Issues declined
slightly from
$394,986,000 in 1960 to $219,915,000
in 1961.
However, the total for
both types of securities was
higher
in 1961 ($583,117,000) than in 1960
($546,569,000).
For
issues
the
first
half
of
1962
the
already sold and those
ex¬
pected to be released by June
amount to
000
1961
in
for
or
than the total for all of
and
$48,387,000 greater than
Current
1962
may
be
indications
a
record
1962
associates.
and
The
issue
81,725
common
shares offered at
($1.00 Par Value)
$25
per share ($2,043,125) on April
13, without underwriting.
South European Pipeline Co.
fund
of
debentures
Price
sinking
51/2%
due
1,
1962
offered
on
March
14,
underwriting group
headed by Morgan Stanley & Co.,
an
and Lazard
prom¬
sue
was
was
Stanley & Co.
(Commonwealth of)
Freres & Co.
oversubscribed.
Favorable
Financial
ful climate for
Co. The issue
issues.
oversubscribed.
has
Copies of the Prospectus may be obtained from the undersigned only
in states in which the undersigned is
qualified to act as a dealer in
securities and in which the Prospectus may legally be distributed.
The is¬
oversubscribed.
$30,000,000 of 5%% bonds due
Jan. 15, 1982 offered on Jan. 24,
1962, through Morgan Stanley &
It
$10 Per Share
March
issory notes due April 1, 1974 sold
privately on or about April 16,
Tokyo Shibura Electric Co. Ltd.
through Goldman, Sachs & Co,
600,000
American
Depositary
Aluminum Co. of Canada Ltd.
Shares offered at $15.50 per share
($930,000,000)
on
Feb.
9,
1962
$100,000,000 of 5.10% promis¬
sory notes due 1992 sold privately through Smith, Barney & Co., Inc.,
on
or
about May 2, through The and The Nomura Securities Co.,
First Boston Corp.,
The issue
and Morgan Ltd., New York City.
BROTHERS, INC.
Common Stock
Palestine Economic Corp.
1982
was
ROSENAU
was
oversubscribed.
through
Allgemeine ElektricitaetsGesellschaft
Australia
250,000 Shares
$25,000,000 of 514% bonds due
May 1, 1977 offered on May 8,
through Kidder, Peabody & Co.,
$40,000,000
are
follows:
$5,000,000 of senior dollar
(Government of)
are
year
foreign security sales.
Issues sold thus far in
as
30
$11,839,-
more
1959.
that
$594,956,000
New Zealand
been
Climate
repeatedly demon¬
strated that the U. S. has
a
health¬
high grade foreign
being the most
Besides
Burnham and
Allen &
Company
Company
A. C. Allyn & Co.
Zuckerman, Smith & Co.
Bache & Co.
Bear, Stearns & Co.
Newburger&Company Johnston,Lemon&Co. Stein Bros.&Boyce Walston&Co.,lnc.
Freehling, Meyerhoff & Co.
May 23, 1962.
un¬
Government offi¬
cially acts to halt the outflow, the
economic
precept that
"Capital
Japan Fund, Inc.
at
new
deavoring to erase our [balance of
payments] deficit."
scribed.
The Commission has
and
capital movements
This announcement is neither
any
their
internal purposes.
"Combined
growing (i. e., Company is engaging in a securi¬
Australia, New Zealand and Ja¬ ties business from offices in the
pan)
have a better chance
of
Vauglpi Building.
Officers
are
being able to repay their borrow¬
Trenvor W. Gilstrap, President;
ings than those countries that are
are
com¬
pensate them for the added risks
of (a) distance, (b) possible hos¬
tile governments,
(3) proximity
Domestic
as
investor
lend you money, if you can prove
that you don't need it!" The defi¬
nition is almost as apt for nations
Govern¬
6.3%.
considered necessary to
warrant
Will
to
banker
The premium to U. S. investors
was
subject to frequent
to
Prosperity:
bor¬
5V2% interest
Japanese
How¬
the Latin American Republics and
most African nations are too un¬
interest
an
declines,
changes of governments naturally
worry the investor. Italy, France,
Japan Development Bank's
bonds carried
While
bond yields are declining
slightly
whilst
recent
foreign
continue to yield over 5%.
Stability of Government: Coun¬
tries that
Interest
worry¬
up.
purchased Authority notes.
Competitive
as
to
rowers
Recent SEC
figures indicate that
foreign security flotations are on
York
capital market by European bor¬
Current Market Conditions: At
the present time the American in¬
oversub¬
was
in¬
noteworthy that the Au¬
thority,
established in
1951 by
treaty between Belgium, France,
West Germany, Italy, Luxem¬
is
bonds due
The
As
the total fi¬
first half of the
into a recession it is likely
financing of all types would
cease.
But, domestic employment
is
high and corporate earnings
healthy, thus a recession at this
eign governments or corporations
which in the past two years have
sold issues in the U. S. have es¬
publicly in the
last
bor¬
corporations
Favorable
(1956); Neth¬
and Luxembourg
(1961),
before,
same.
only three in
These latter issues were
the
such
there
press
S. since 1957 and
of
oversubscribed.
mentioned
in
that
issues
bonds,
California bonds will tend to de¬
is¬
the fact
continues
sold in Switzerland
to
oversubscribed.
•
due
bonds
But the record shows
seven
bonds
the coming year are en¬
in
will be greater demand for
both foreign and domestic.
an
minor role in
Authority sold
Milwaukee
were
S.
9
per
whether
securities
issue
an
sensible fiscal policies and fair
treatment for foreign
enterprises.
What chance would Cuba or Bra¬
U.
sinking
Loeb & Co.
issue
of
Europe.
and
approximately $203,000,000.
The
offering will not be underwritten
by Smith, Barney & Co.; Copen¬
hagen Telephone Co., plans to sell
$15,000,000 of sinking fund dollar
debentures through Smith, Barney
& Co., Kuhn, Loeb & Co., Harriman
Ripley & Co., and Lazard
sues
rate
(Kingdom of)
514%
external
loan bonds due May 1, 1977 of¬
fered on May 2, through Kuhn,
Loeb & Co., Inc.; Smith, Barney
&
sources.
that the
day of
Co. 4%%
Light
priced
were
against
same
or government bodies
issue debt securities. But
foreign
has,
a
as
above-men¬
priced at 101.864
cent to yield 4y2%.
Scarcity:
Every week in the
year, a dozen or more domestic
because of eco¬
difficulties
and high tax
issue of
of
managed in the U. S.
local
May 1, through Paribas Corp., and
$20,000,000
the
1987 which
strictly European organiza¬
tion, such as the European Coal
and Steel Community, might rea¬
sonably be expected to try to fi¬
nance
its expansion needs from
about
Lehman Brothers.
Denmark
European
which for¬
great capital export¬
was a
nation
It
April
were
The
to yield 6.41%
United Kingdom,
(1962).
City of Oslo
rowers
Yield:
tioned Japanese bonds
A
deficit.
debt
Gas
Few
Europe.
rates, declined to
this respect.
despite warning from Treasury Secretary Dillon about their adverse
several
tered
nomic
why American investors favor
by
abroad, chiefly to rebuild a shat¬
ing
given why foreign issuers want to
in the U.S. and
hanced
High
dollars
of
U.
on
merly
record year for
a
billions
invested
The
recently oversubscribed, and that several other large offerings are
;
its
capital for an appro¬
priate return. Since the end of
World War II, the Federal Gov¬
ernment
and
private companies
have
(2)
tory,
Scarcity, (3) Favorable his¬
(4) Current market condi¬
tions, (5) Stability of Government,
(6) Borrower prosperity.
countries, with the exception of
Switzerland, have been willing to
trust their
funds
to foreigners.
scheduled
or
citizenry
a
risk
to
For Foreign Securities
Foreign security sales in the U. S. already completed,
has
it
in the world,
that is willing
nation
prosperous
The
(2445)
Gerstley, Sunstein & Co.
Laird, Bissell & Meeds
The Commercial and Financial Chronicle
(2446)
1,0
capital" consisting of
and securities, and repre¬
sented by the concert. of credit:
and equity institutions, by which
capital formation is financed. Sec¬
ond, there is the level of "material,
capital," evidenced by securities,
; A
diminishing rate of economic growth which he
finds has moved in real terms at 2.4% per annum between 1953 and
1963 —less than half the rates achieved by E.C.M. nations and by
Economist probas our
1922-1930.
Dr. Kennedy discusses the
priority to accelerating our
high
growth trend. The latter ranges from
domestic problems.
Though Dr.
Kennedy's paper does not go into public and private
policies we
cold war challenge to our own
the
.
:
vital factors that make eco¬
growth occur, and the reasons why we must assign a
nomic
-
Our historic growth rate is put at 3.4% for the years
U.S,S.R.
the
~
-
passing mention is made of the fact that our economic
institutions can support a more rapid growth rate without any need
to alter them in any basic way.
should pursue,
recent
in
years,
the
our
fact that,
..investment
whose
ganda.. It is their .final aim and
grand design to supersede us on
C For example, in
every count. Their determined ef¬
to
forts
1955
pacity, together with
potential was
leveled in World War II, has re-*
built and re-emerged as a world
power and dynamic economic ma*
chine. The knowledge deposited in
their culture made this possible.
*
requires a measurement of
real income by an adjustment for
price level changes. Inflation can
productive
challenge operates on
military, economic,'
science, space, propa¬
broad front:
education,
outlays have not been advancing.
counts for the fact that Germany,
tion
economic growth is
fascinating, complex, and impor¬
tant. It is fascinating in the con¬
The subject of
in
comparing I960
(adjusted
to
constant
prices), it is noteworthy that GNJ?
and tools, raw materials and en-, and consumer
spending have in¬
ergy sources, plant sites and trans¬ creased' by 2.6% 1 and
3.3%. per
portation media. Third, there is annum respectively; but plant and
"intangible capital," which con¬ equipment outlays and residential
stitutes- the accumulated knowl-. construction have faltered
badly
edge of - society, its educational at rates of 0.5% and 0;1% per
apparatus, pure and applied re-, annum ." respectively. / Although
search, - and the stream of new these 'figures may exaggerate the
ideas embodied in technical and
case, it is nevertheless true that
social innovations. I think it is investment has
substantially fall*
evident that intangible capital is en behind in recent
years. What's
our
most fundamental asset and
more, the economy
of late has
lays claim to logical priority over been consistently disturbed by the
other
aspects of capital.-It ac-^' problem of substantial excess ca¬
Professor of Finance, Uni¬
versity of Arkansas and Partner, Palmer-Kennedy Organization,
.
Communist
a
which takes the form of machines
By Dr. R. E. Kennedy, Jr., Associate
Dallas, Texas
itself
manifests
Thursday, May 24, 1962
.
,
money
Rapid Economic Growth
A
.
spersed with wars, depressions
and
prosperity.
The
problem
sentative
Today's Challenges Require
.
an
now
10
over
high and
a
achieve
this-
.
Let's
in the years/ahead.
con s
ing at 6%
per annum,
with
a GNP,
today which is scarcely one-third
ours, then it takes
no longer than;
(or around 1990) before
they will overtake us, in aggrega¬
tive terms, if our secular
growth
30 years
rate
if
remains
at
2.4%.
they should make
fort
a
Moreover,
larger ef*
relatively in education, sci¬
and
ence
term
This
sustained rate
to
lay
i d e r differential
growth rates. If the Soviet Union
should manage to continue grow¬
.
than
space
trends
will
do, long
we
to
move
their
advantage.; Suppose that* within
their; population, which exceeds
ours by scarcely
15%, they should
being the case, we must commence
to expand our investment outlays
at
To
great peril
:
alarming
old.
years
geared
back
compla¬
cently in" such matters as economic
growth is, in my opinion, to court
increase' in the proportion of Our
machinery and equipment which
is
are
outcome.
in
make
of
students
better
use
of their gifted
through education than
do, then there is a good chance;
suming interest and grave concern
which it elicits
make
in all quarters
feet, therefore, investment runs to as time passes, that the cold war
history ' indi¬ the very heart of the problem. can run
decisively in their favor;
cates that intangible capitdl yields
\ Further, it will be instructive to
I
do
riot "wish
to
leave * the
the greatest significance oh mat¬ note
; the
comparative
growth impression that, as of now, the
gains, expressed in GNP terms, ters of economic
growth and ma¬ rates presented below in a table Russians
are ahead of
quite
illusory. V For
example, terial
us, or wili
progress. • Yet, by the - very
prepared by the National Planning be soon, in many matters of vital
India's rate of population increase
fact that education and pure re-r
Association, All but one of the 14 national interest. I am more con¬
was recently reported
at 2% per
search
are
long-range
matters; nations listed
(namely, the United cerned with long-term ' efforts,
annum, an enormous problem in
which evolve by gradual accre*
Kingdom) have been outperform¬ •where these efforts are reflected
itself to overcome by growth of
tions and which are difficult to
ing the American economy in this in determined policies and institu^
the economy. Consequently,
the
measure in any case, it tends to vital
matter
of
notation
rapid, growth. tional change to promote intan¬
"per
capita" puts the
be the case that intangible capital
These figures indicate, also, that gible
problem
in
a
more
realistic is
capital—education, science,
the most easily ignored or neg^
rapid growth was not necessarily and research. These are matters
context.
lected form of investment.
I Say
correlated with a rapid progres¬ which take
many years before the
this because, as a practical society, sion of
Capital Concepts and Economic
prices. Germany, growing cumulative effects of learning and
we look for the
"pay off" within at more than twice our
Growth
speed, has new
knowledge > are
perceived;
growth look better than it
really is; and hyper-inflations re:
duce it to meaningless statistics.
As
life.
a
f
it is a
radually
(
rolving phe-
process,
m
en on
aich
affects
]:i o
v
all
yearly
of
embers
j
society in one
i-tshion
or an¬
In
other.
it*
com-
leer
iexity, ecogrowth
]
R- E« Kennedy, Jr.
liomic
j
something
j
of
it
which is governed also by
political processes, by deep-seated
attitudes and motivations, by pre¬
vailing institutional arrangements,
by the contemporary state of the
arts and sciences, by a strongly
philosophy of material
progress, and by a score of other
forces. As such, the subject of eco¬
nomic growth is aft open-ended
affair which cuts across the major
operative
surprising, therefore,
have but an imprecise and
amorphous perception of its gene¬
sis, dynamic laws, and policies to
guide the path and rate of eco¬
nomic growth.
Despite concerted
efforts to comprehend it, we re¬
main in an elementary stage of
knowledge.
search
revised
must
and
Very much more re¬
be carried forward,
adapted
to
tion
various
safely
ing
as our
fare, 1
should
approximation of wel¬
contains
be
capita output
definition, stand¬
elements
clarified.
The
which
defini¬
horizons.
run
-
manifest
growth. In ef*
'
a
Thus,
we
experienced
natural bias toward the
than
the eduwhose "pay off"
neglect of matters, like
cational process,
of
true of
The
and
produces
growth.
(3)
case
of
*
increases in real per
short
easy, a* * function
negative net invest¬
cultures,
befpre we can
ment pertains to a society living
feel that learned men have come
"off its wealth," failing even to
to understand this complex phe¬
replace worn out capital. This
nomenon.
happens in deep depression, where
In the United States, we are as
society shifts resources that might
fully preoccupied with growth asnormally replace capital goods to
any country—yet, the dimensions
the production of consumer gdods.
and severity of the problem are
Conceptually, we can distin¬
quite different here than they are
in Latin America or the Middle guish between two forms of capital
East, or even the Soviet Union. entering into the growth process.
There is, today, a universal desire We can speak of "capital widen¬
for
rapid economic growth and ing" which is replicative in form.
capital formation merely
development, deeply felt through¬ Such
out the world.
Indeed, the back¬ duplicates existing facilities. But
ward regions of the world are in "capital deepening" is related to
a
massive state of economic and productivity - increasing outlays
political revolution, manifesting arising from technological inno¬
their disappointment in the past vation. Thus, greater output per
and their aspirations for a better given
unit of input is possible.
future.
Accordingly, economic Now it is evident, of the two forms
of capital entering into growth,
growth has come to be something
of a modern-day Moses capable of that "capital deepening" is clearly
leading the backward regions past the more important. A survey Of
the
Malthusian barrier
and
out history confirms this point—that
of the economic wilderness.
growth of real per capita income
Despite the many meanings at¬ and output are largely generated
tributable to such a complex proc¬ by technological change. Other¬
ess
as
economic growth, I shall wise, we would still be in the
define
it
as
meaning long-term Stone Age.
and income. This
faster rate
a
inflation
greater
no
Given
our
However, it should be re¬ and expedient solutions. What¬
that, lately, Germany has ever we may do today or tomor¬
been threatened by an outbreak';
row, it is a long-range competition
of. inflation more
serious
than with the Russians
a
race; of
—
anything experienced in the dec*
ade
of
the
Terms
and
Price
Growth
U. S. A. •
Rated)
Price
Rise(3)
2.4%
'; 2.3%
;
Germany
___________
velopment. First, there is "repre¬
__
6.6
2.3 I
;
6.3
1.6
2.0
add
4.9
1.0
4.5
3.6
3.6
3.2
fact, this growth rate* is sub¬
stantially less than the historical
1922
and
stock
of
intangibly
as
______
United Kingdom
__
.
constant
prices.
annual-
(i) Average
Planning
technological
2.4
3.0
it follows that, in securing
the advantages of rapid technical
breakthrough,
we
must
vastly
-
prioe
rise.
Source:
pamphlet
for
stimulate
sents
in
a
Our inescapable involvement in
the cold war is the dominant con¬
times.
This
is
matter which has
search
for
new
on
particularly acute problem
to the challehge of a
totalitarian system..;j
/*.
radically
By
v
>
minimizing
the Russians
con¬
sumer
goods,
can
focus their best brains toward the
various
do
And in the mat*
Sciences.
ter of consumer
not
goods—since they
themselves
Concern
,
with
electric razors
soap—they have the advantage
of using without creating the ad¬
vancing state of -Western tech¬
nology to "satisfy" these consumer
needs. Thus, given the priorities
in their system, they can concen¬
trate resources in specific areas
producing
better
or
range
The Challenge of the Cold War
our -
relation
which
rapid rate of growth would
supportive of these institutions.
Armed with this conviction, I turn
now to the desirability of acceler¬
ating our economic growth on the
the
fundamental'sci¬
the* question of education and its
momentous significance. This pre¬
be
a
our
knowledge. Again, we converge
a more
of
of
ences,
Our
diminishing growth rate
nearly always leads to the contro¬
versial
question of what public
and private policies should be de¬
veloped to enliven the tempo of
economic
progress.
freSpite : the
great relevance of this question,
likely to be
scale
Since
is
a
function
.'
sideration
any
past.
innovation
2.3
Association,
"Targets
on
the
in
3.0
U.
S.
Economic
Growth in the Early 1960s," pub. 1961, p. 9.
lit,
Europe
have
2.5
(1) Average annual growth rate adjusted
National
from
we
2.8
every prospect of lasting several
experienced between decades if not generations to come,
1960
a
period inter¬ and we should perceive that the
—
.our,
ence
j
real terms has moved at the casual
exhibited by the Common Market
economies and the Soviet Union.
to
1.6
' 2.9
need, involving our
national interests, is that of ac¬
celerating our rate of economic
growth. In the period between several fronts where great chal¬
1953 and 1960, our "growth fate in lenges confront us as a nation.
rate of 2.4% per annum, which is
less than half the growth rates
point, in the cold
is the need to vastly stimu7
development of the basic
sciences, which by doing so, will
late the
3.7 1
1_
Belgium
.
collateral
A
war,
5.4
3.2
—
Denmark
critical
this
on
.
0.8
Canada
Diminishing Growth, Rate
-r
2.2
——_r
Norway
No,-'
.
settled
...
—3.2
___.
Sweden
.Portugal
to
ultimately
3.5
Netherlands
India
be
level.
capital and thereby to economic
development. The "gap" between
the applied and pure sciences is
said to be rapidly closing,
and
that We cannot import pure sci¬
Switzerland
to
rate of 3.4%
de¬
______
_____________
in
fest in
economic growth and
Italy
cultural ideals and at¬
In
can
Japan
to
Rises, 1953*59
overlook their signifi¬
promoting other aspects I cannot deal with it here insofar
of capital development. In making as it doesn't fall within the in¬
this point, I hasten to add that all tended scope of this paper. How¬
levels of capital need optimal de¬ ever,
in
passing,
I
feel * that
velopment, reenforcing one an¬ appropriate policies and actions
other in diverse directions. But can be
promoted which would
in any case, we cannot afford the have the effect of stimulating the
risk of inattention to the source growth
process
without
neces¬
of economic wealth—namely, in¬ sarily altering our economic insti¬
tutions in any basic way. Indeed,
tangible capital.
A
capacities; developed
through education. In the absence
of global war, the contest then is
1950s.
A'-;—.
Country—
development.
Thus, we
tend to slight the vast import of
education, science and research in
their subtle and long-range bear¬
ings on economic growth and, in¬
Our
intellectual
Comparative Growth Rates in Real
capital
cance
programs"
review.
titudes, I think this places edu¬
cation, and intangible capital for
that matter, at a comparative dis¬
advantage with other aspects of
deed,
in any case, they do not lend
to
"crash
and
themselves
ported
is distant in time and is less per¬
a different vantage
point,
distinguish between three
levels of capital which are mani¬
From
we
we
have in the period under
we
—
not
we
,
achieve
economic
of
evidence
-
•
disciplines in the social and engi¬
neering sciences.
that
any
order to
over-all
capital, formation..This,
ceptible as to measurable results.
any economic
system, be it the
However, in its long-range import,
U.S.A., Russia, Sweden or Nigeria.
nothing could be more dangerous
The fact is that society, in attain¬
than this attitude, not merely in
ing growth, cannot consume its
relation to the question of eco¬
entire current social product. Sav¬
nomic growth, but in relation to
ings (non-consumption) must be
other
fundamental
values r on
appropriated to the end that new
•which our society depends for its
capital is formed, so that net new
very survival and development.
additions to society's capital stock
In
our
market
economy,
we
buildings, equipment, inven*
tories—are brought into operation. have built up our representative
and material capital to immense
In
illustrating
the
investment
and "pragmatically,
process, we may visualize three proportions;
alternative cases. (1) The case of we continue to emphasize ;< these
aspects of growth. Partly, this
zero net investment, where society
arises from the fact that, in a
merely
replaces
its
worn
out
market
context, these forms of
equipment and otherwise consumes
its entire Net National Product, capital are amenable to calcula¬
tion in terms of short run "pay
means that economic growth fails
offs." Conversely, education and
to take place. (2) The more nor¬
pure
research
are
carried
on,
mal case is positive net invest¬
ment, adding new capital faster largely, within the public domain
than old equipment is being used and, as such, are not subjected to
the "tests" of the market place.
up. Thus, NNP, exceeds consump¬
process
is
is Jin
■'J',
"
growth is a function
variables. But as a rea¬
soned article of economic .theory,
puzzle enter from so many diverse
ti .rections. Broadly perceived, eco¬
nomic growth is not only the out¬
come
of economic events, but a
' VAv' '""it;:;f»A
;
of many
because the relevant parts to the
It
The
Economic
interminable jig-saw puzzle,
an
'•
Intangible Capital
,
Next, the definition takes cogni¬
zance of population growth. Popu¬
lation growth can make economic
economic
of
'<
Overriding Importance of
present
dangerous
challenges
to
our
life.
>
Our
long-
way
of
•
Alliances and the
Underdeveloped Countries
I have already presented some
figures
indicating comparative
growth rates among several na¬
tions in
the free world economy.
Many of the European economies,
growing considerably faster than
us, 'comprise our most important
allies in the cold
this
point,
war
contest.
At
cannot do more
than to speculate on the
meaning
of
the
one
disparity in growth rates
Volume
between
as
as
;
Y
•
-
•
•
•
of
full
are
.
European
The Commercial and Financial Chronicle
.
in
Growth and the Domestic
con-
Moving
from
the
ILike Best
Scene
By
international
front to the domestic scene, there
equally ' important
reasons
warnings for the United/States.' why we should want to launch
accelerated
growth
pattern.
Others see it as a great boon to an
the ' entire
western world. Still First in importance is the problem
others sound a note of pessimism, of potentially growing unemploy¬
pointing out that the economic ment. In this decade, it is reported
that some 15 million new people
union overlays a potentially ex-
Overseas Visitor-
an
are
sound * grave
Some /observers
At
Y
a
time when all too much adverse criticism has been
directed against the United States and when
;to
what-is
know
the
abroad, noteworthy
are
seek
the
enter
to
ranks
at the Waldorf Astoria.; In his
a
;
■
of permanent
chance
little
with
survival. In all events, if the Common Market should work, it marks
beginnings of an important
social innovation in the western
the
'
"
world.
'• /
/
•'■.".7.
•
two ominous possibili-
'
One
•
"
•
r.
;
f
;
or
.....
First,.if
the European economies should
continue .to grow -rapidly,
and
to be aired.
ties deserve
catch up to us in economic
tend to
-
worth
is
It
reporting that
one
cold war.- And it
eminent organization, the National
is quite possible that they may
Planning
Association*; promotes
part company with us on some
the view that we have the capa¬
matters of
vital importance to
bilities"'of growing
at a 4V2%.
this country.
Obviously, if our
rate which, after nearly full em¬
growth rate should continue in a
ployment has been reached, would
casual pattern, the impression may
usher in
a
period of sustained
emerge that we are no longer an .
»
which our Nation
was
"
/
-
:
Wis.
recent dinner
With F. I. duPont
Its
4V2%)
.
,
v
,,
action by the
sponse-to-similar
in
have lost $260 billion
we
GNP
between
1953
and
1960.
S.E.
open
an
Also, /their
enable them
greater financial bur¬
goods will enlarge.
growing wealth will
to
carry
a
den in the cold war,
thus mitigat¬
ing our balance - of
payments
problem..•
/-Y;• v
But others don't see it this way.
.
Rather, they see potentially grow¬
our land,
number of our
ing
unemployment an
and
warn
that.a
will
industries
be
in¬
seriously
jured by the low-cost, low-price
export capabilities of the Common
Market economies. Indeed, it has
even
suggested that the U. S.
been
great dumping
ground for cheaply produced for¬
eign goods. Alarmed by this pros¬
pect, these disputants wish to see
may
the*
become, the
walls
tariff
still
erected
higher. ;I should like to suggest
at this point that rapid economic
growth, and what it means in the
technologies and in¬
form of new
should
dustries,
prove
be
to
a
powerful ameliorating force in
our competitive position in inter¬
national trade. In brief, the rapid
growth
serve
to
of our economy should
bring these risks under
control.
.•
,
Concerning the underdeveloped
nations, there are several reasons
why we
shall continue to
assist
and
education, and other
good things of life for these peo¬
ple. Also, the businessman has an
ideological stake in rapid growth,
because growth is widely accepted
as superior to further tamperings
with the distributive system. "In
effect, this helps to take pressures
the
off
business
community
defend itself against the
of income
I
Co., 127
is an¬
C". Person,
.
it
J. W. Mitton
into
the
from offices at 5325 Eugene Street
under
geopolitically significant as
of raw materials for the
west
(e. g., Middle Eastern oil
for Europe
and the U. S. A.).
Manufacturing, maker of
the face of the tube tester, was
recently acquired and at the
time
in
firm
name
y
,
/
DIEGO,
has
Calif.—Clifford
been
Broadway,
added
supplies, hydraulic pumps
arc welding
apparatus.
The
acquisition could add $100,000 to
the post-tax. net of - Astrex.
The
company's most recent investment
was a 30%
interest in Mountain
Electronics. On a non-consolidated
basis, Astrex should realize $9,600
a
year
on -thisholding from
when Astrex consisted
simply of AST and Dutrex, there
to
York
was.
previously iwith
Stock
Exchange.
were
335,800 shares outstanding.
Subsequent acquisitions for the
E.
the
most part were achieved
basis
,
of
J.
/
..
any
economic
Not
a
company
He
shares
Sellgren,
are
1962
merely
this rationale, but it
symbolizes
eases
the
burden we
have
sus¬
share
per
should
be
in
hood of 65 cents
Eastman Dillon Adds
/
Y;
X
year
:i"
and sales volume
~ (Special to The Financial Chronicle)
SAN
W.
These
FRANCISCO, Calif.—Robert
Kunce
has been added
staff of Eastman
curities
&
He
Street.
Sutro &
Co.
to the
601
was
formerly
with
Opens
error
was
per
of
•
an
mon
consumer
my
way
of
Sanford
M.
Epstein
and
W.
ties business from offices
East Fourth
name
at
102
the
Street, under the firm
of Dick Felts & Associates.
Astrex
future
for
*
are
this
likely
an
offer to sell
or a
solicitation of
an
offer to buy
of these securities. The offering is made only by the Prospectus.
Town, Inc.
Price $11.50 per
Share
name
Co;,
Sidney
•
-
■
thinking,
such
aspirations
McDonald & Company
«-
May 23, 1962
to
of
materialize
aggressively
company.
Copies of the Prospectus may be obtained from the undersigned.
Klein will become partners in the
firm.
com¬
goals should generate confidence
securi¬
general public will be reduced to the extent that shares are so purchased.
Zimmerman &
earnings
that
a
offering price less the underwriting discount. The number of shares offered to the
May 31, the firm
Newman,
pro¬
LAMPASAS, Texas —Richard C.
(Without Par Value)
Klein & Newman
of
share
the
-to
demonstrated ability to realize set
♦Including 10,000 shares reserved for sale to employees of the Company at the public
To Be Epstein,
Effective
out
outstanding.
Common Stock
goods and public
wants and na¬
tional defense. In a word, it vast¬
ly enlarges z our ambit of free
choices. For these reasons, there¬
fore, accelerated growth should be
taken as a high-priority value in
our society.
•
private
testify
increasing number of
shares
and the left wing, sense and non¬
goods,
were
$11 million.
Felts, Jr. is engaging in
Food
in
with 1 balances
between
work and leisure, internationalism
and isolationism, the right wing
sense,
47 cents last
have continued to rise in the face
To
D. C. Felts
vs.
figures
since
gram,
California
;a,v,'/:.:/Y/;' X'X'/Vy:
on
which
ending June
neighbor¬
profitability of the company's
Dillon, Union Se¬
Co.,
cash
the
when 459,800 shares
125,056 Shares*
looking
growth of our economy not
outstanding,
earnings
Miller & Co.
on a
stock. At present, the
shows 762,000 common
New Issue
dealing
to the Inc., 70 Wall Street, New York
Soviet bloc or the west as the
City, members of the New York.
economic pattern of the future—
Stock Exchange, will be changed
i.e., as the economic rationale for
to Epstein, Klein & Newman, Inc.
transforming their societies. Rapid
they
plus
Accelerated
margin of
Y-
••
program,
Co., Inc.,
members of the
New
This announcement is not
the
some
same
"cap¬
and
bad judgments and
us
a
power
to
well as to
luxury of making
engaging
much nonsense. As such, it per¬
mits
with
Mechanic is a producer and dis¬
tributor of auxiliary light plants,
sources
Third,
provided
was
tive" market by U-Test-M. Master
ects of this century, as
us
"
Anko
principle
aspirations toward indus¬
trialization.
First, aid to
these
often
the
Mitton Co.
growth is necessary to enable us
carry forward the great proj¬
some
receiving
currently in
of $4 million.
to
permit
Sylvania
are
television
,
their
peoples is often taken as a test
of the humanitarian instincts of
the west. Second, these regions are
Opens
BOISE, Idaho—J. Wesley Mitton
is conducting a securities business
,
events.
of
stream
SAN
Browne
staff of N. C. Roberts &
finally,
that
rapid
us
the leeway to
utilize and • absorb
ideas;
new
products
and
excess
(Special to The Financial Chronicle)
'
■«
625
Avenue,
gives
experiment,
Co.
tubes. Combined sales of U-TestM and Midland are
?
,
Distributing
equalization.
think,
growth
/
Second
Despite the fact that we; cannot nounced by- Arthur
pick the "magic figure" at which Manager,
y '
f >
.'Sy'
we
should expand our economy',
v The
great-grandson of General
it is nevertheless significant that, Calixto Garcia
Iniguez, known for
a
"drift" rate of 2lk%\. is quite-, his action in the
Spanish-rAmeri¬
unlikely to meet the challenge- of can War and its episode "Message
unemployment
in
the - present to Garcia," he is a direct descenddecade. '
/„
yy- '•' •'
" • /'.
an of Admiral Pierre Claude DuOur "affluent society" notwith¬
Quesne, Marquis Du-Quesrie, who
health
-
"Francis I. duPont &
it becomes
question as to our com''petitive - vitality -in an intensely,
competitive world. Controversy is
also heated on this issue. Some
observers feel that exposure to
standing, pockets of poverty, dis¬ came to America with the forces
this kind of competition is a major
tressed - areas,
and low incomes of the Marquis of Lafayette'.to
disciplinary measure by which we
continues to exist. A sizable group
fight for the independence of the
will be forced to reassert our
still
lives
in
inferior • circum¬ United States. For services/ren¬
competitive resiliency . More opti¬
stances. Rapid growth, if it should dered he was designated a mem¬
mistically, some feel that, as Eu¬
rope
continues to grow,
their manage to penetrate this group,' ber of the Order of Cincinnati. means more jobs, better incomes,'
desire
for ^American - produced
Common Market, then
-
major
radio
Now With N. C. Roberts
.
Second, if there should boa
broadside reduction in our tariffs
over
the next few years in re¬
*
•
Midland
At the outset of this expansion
.
powers.
'
to
dividend income.
dynamic system prosperity, They further point out MIAMI, Fla.—Dr. Justo P. Garcia
that by our failure to achieve an
whose position warrants the prin-,
Du-Quespe has become associated
"organic" rate of growth (i.e.,- as a
RegisteredRepresentative
cipal leadership - of ; the western
and
efficient
*/
tube
operate
and
markets radio and' television tubes
to the tube tester route owners.
—HARRIET SEIBERT. r
•-
equipment is sold
that
routes
drug, food
variety chains. Its manufac¬
turing facilities are in Milwaukee,
message
founded.:
/
and
and
.
ship role in the
radio
companies
tester
.
capabilities, then it may become
somewhat more difficult to keep
our alliances in a piece. At least
we should suppose that they will
wish to assume a greater leader-
•
television
to
eager
'
-
Continued from page 2
self-service
tube testers. Its
"image"? our "Nation is showing
the remarks made by the French
•Minister of State for Cultural Affairs at
of
we are
Monsieur Andre
the employment force, compared
Malraux said: "For culture, for an-Atlantic civilization,
to some eight million in the pre¬
for the freedom of the mind, I offer a toast to the
only
ceding decade. This means an av¬
?, Nation that has
waged war but not worshipped it, that has
erage rate of 1.5 million per year,
won the
and I am quite doubtful that an
greatest power in the world but not sought it,/
economic growth rate of less than / that has
wrought the greatest weapon of death but not.
2.5%
will accomplish this end.
•wished to wield it; and may it inspire men with dreams
The problem of unemployment'is
worthy of its action."
•
a
politically sensitive area which,*,
:'s
We rejoice indeed at these words of this distinguished
in my judgment, is best resolved
under
the
impact of
a
rapid : foreign visitor which should remind us all of the wonder-"
growth rate and increasing ma•ful .heritage handed down from our forefathers. In
spite
terial
progress.
How
fast
we ;
v of many great problems which our
country faces today we
should grow.in order to accom¬
can none the less"
modate the onrush of new workers
say in the words of the Psalmist, "My
lines have fallen in pleasant places; Yea, I have a
seeking employment is a question /
goodly
I cannot answer.
* *".••,
j
heritage " Let us never cease to cherish the high ideals on
will
plosive political disunion (largely
for historical and cultural reasons)
11
■The Security
U. S. "Image" as Pictured
regions.
significance of
Common Market.
(2447)
helping to finance the
aspirations of the underdeveloped
troversy over the
the
•
media
news
.
tained
principal
our
knows, the journals
everyone
and
•
and
allies, if this disparity should per¬
sist for many years to come. And,
v
•
us
Number 6162
195
managed
....
12
The Commercial and Financial Chronicle
(2448)
been met before in the 50-60 years
Regulation—the Investorr %
Ultimately Calls the Tune
By Herman L. Gruehn,*
Vice-President, Baltimore Gas &
Electric Co.,
electric and gas utility
State
said to
Baltimore, Md.
constructive and reassuring.
rates
examining the essential details relating to rate bases,
After
Gruehn concludes that the end results
of allowable earnings are much closer together than the separate
factors themselves suggest—clustering around
return
on
the investment. Noted are the measures adopted by the State
Commissions to cope with price inflation. But, when expansion is
return, depreciation, Mr.
of
to
give
I
like to cite the remark
by a newspaper re¬
should
made
to
me
rate case hearing
porter during a
involving
my
company,
me in
confused
said to
a
of
sort
when he
.
_
way,
just don't
^understand
what
all
you
talking
this
morning." X
are
about
z
added
that
if
could
restrict
we
balance
Herman L. Gruehn
sential facts of
company's
problem he would not only under¬
stand the discussion but he might
the
quite
be
interested
even
period certainly had to deal
the problems of striking a
if not
what
the
public
needed
was
induce
the
service
to
v
what
between
for
rates
to
fair
pay,
and
permit or
of
utility
extension
the
were
to
abroad, and investment
third, that
present in practically all other
parts of our economic structure,
whether
wages,
taxes, or com¬
modity and service prices.
It is understandably true that in
some
of this
areas
widely diverse
domi¬
nated by the great depression and
it wouldn't by World War II, apd in the util¬
finish talking, either. ity field by the consolidation and
But, indeed, I didn't wonder that "shaking down" of the operating
structures built in the 1920's, and
even a man skilled in writing for
the
average
intelligent citizen by the corporate and financial re¬
could not really feel at home in arrangements resulting from the
such discussions as terminal ver¬ depression period legislation.
In
sus
average rate bases, or em¬ this period the neec.s for new cap¬
ital
from
the
investment
markets
bedded costs of money (whatever
that is), or the distinction between were certainly of a lower mag¬
reproduction costs and current nitude than before or since, and
costs, or accrued depreciation, or the regulation of earning powers
technical matters
which now get into the record of
a
carefully conducted rate case
before a thorough public service
illustrates
incident
the
viewpoint from which I will un¬
a few interpretations and
dertake
H
the
Behind
appraisals of current regulation
in the utility field. That viewpoint
deal with the substance
will
results
the
the
than
of
regulation,
forms
or
details
and
to
its
$10,000,-
within
1930
earnings.
the same,
sidered
the securities in
$100,000 of the
support
were
was
a
Our dividend rate
and that, was con¬
real achievement.
least
just
essential de¬
briefly;
mentioned
to
relate
they
regulatory practices, findings, and
trends in respect to rate bases,
rates
of
duce
the
allowable earn¬
ings, and depreciation. They pro¬
results
return,
conclusion that the
closer
much
are
the
selves
end
together
them¬
factors
separate
suggest.
One should^ also
the operation of a signi¬
fact which utility people
observe
My observations will
transportation; and will avoid
such
national
problems as regu¬
lation under the Natural Gas
Act,
or the effects of
governmental
op¬
erations
in
the
electrical
field.
power
V.
1
Constructive Response by
Regulatory
Commissions
A first observation
is that state
.
As to
rate
bases:
There
has
been
The
last
has
years
again.
period of about 15
something else
been
Growth
needs
have been
to
partial recognition of presentday price levels as contrasted with
or original costs; but the
of
use
the
change
seems
to say,
for the most
part, that rate bases
today just do not seri¬
allowed
ously attempt to recognize
change hat has occurred in
of
content
and
the
the
dollar.
the
convenience"
is
perhaps the only one of the fac¬
tors heretofore cited in support
which
method
the
of
still
has
validity today, and certainly it is
that
rate
bases
be
true
for
brought up to date more quickly
and easily from book records of
historical cost. Of course, "con¬
ton
of
much
coal
delivered
different
at
not
was
the end of the
post-World War I expansion than
at the
beginning; its price now is
half again as much as at the be¬
ginning of the current expansion.
Electric plant and equipment costs
about
2%
times
as
much.
An
hour's wage at the end of the pre¬
vious expansion was perhaps onefourth
more
than
at
the
begin¬
venience"
that
alter
doesn't
when
the
can
the
purchasing,
fact
power
value of the dollar has changed as
much
tions through state public service
commissions, as we know it today,
is
only 50 to 60 years old. The
15
postwar years have been as
and the costs of fixed-income
curities have risen 75%
or so
dur¬
ing the present expansion while
in the earlier expansion they did
not.
This collection of forces had not
the
Washington Gas Light Com¬
pany.
Shortly thereafter it au¬
thorized rates requested of it by
Potomac
Electric
Power
which
designed
were
return.
In
to
both
period base
was
related
an
uses
the
to
produce
cases
used.
5.85%
end-of-
an
If both
are
average-of-period
figure the actual results
are
reasonably close together
6.30%-6.45% area.
One
their
may
now
the
in
two
essential
fallacies
fairly well known
and
apparently
are
of
are
their
rather
As
to
it is the product of
the two which counts. By this test,
the end results achieved by regu¬
latory findings are, for the most
part, much closer together than
the separate policies on rate base
rate
I
have
of
I
it has already done, then
cite these
return
chosen
would
for
respect
suggest.
illustration
a
collection of recent major cases in
the major states of the country.
Examples of Allowable Earnings
of base.
that
"State
Commission
Juris¬
Regulation of Electric
Gas Utilities," one will find
diction and
and
upward
in
revisions
rates
of
return
order
of
one-half
on
to
allowable
the
general
three-quar¬
close to
or
a
6.25%-
Its meaning seems to be
the
result
end
of
what
is
required to induce large amounts
of new capital to flow freely into
the utilities is the important fac¬
tor in
these
decisions.
•As to flexibility in meeting
^
conditions:
new
Power
Consolidated
Pacific
(1961)
Edison
6.34%
6.2%-6.3 %
(1961)
Gas & Electric
(1961)
6.25%
(2) The Illinois Commission
approved
rates
for
the
Union
sults rather than with matters
of
form.
The
of inflation have
pressures
presented
—
and still present
—
rather practical
problems to
both the regulated and the regu¬
lator, and the combination of in¬
5.48% of return. At the same time
flation plus simultaneous big ex¬
the
Missouri
Commission
ap¬
pansion and huge needs for new
proved rates for Union Electric's
capital had to be met by new
service in that state which were
procedural approaches.
Wihat is
expected to yield 5.25% "which
involved in these examples is not
the Commission deems to be rea¬
a change in legal
concepts under
sonable."
How do these returns
which the price relations between
of 5.48% and 5.25% compare with
the public and the utilities serv¬
the
6.25%-6.35%
examples just
ing them are determined (indeed
cited?
a
number
of
these
procedural
The Illinois and Missouri
re¬
changes have been well tested in
turns were intended to be applied
the courts) rather, what are in¬
to end-of-period "fair value"
volved are the ability and will¬
bases.
Applied to bases approxi¬
ingness of Commissions to evolve
mating end-of-period hook figures
new techniques to meet new con¬
(as set forth in the decisions) the
ditions. Here are a few samples.
Electric's operations in that state
which were expected to yield a
some
comparable rates of return would
be
6.40%
and 6.32% respectively.
average-for-period bases, the
higher, by about
quarter percent or so.
Examples of Flexible Standards
On
returns would be
a
A
very
return
nal
that
they have been increased. Rising
costs of senior money have been
one factor.
Another, and perhaps
of greater force, is the practical
application of the policy of relat¬
ing rates bases to book figures but
varying the rates of return as re¬
quired to produce reasonable al¬
lowable earning powers.
in the
or
or
(1) A recent group of decisions
In this area the regulatory rec¬
based approximately upon aver¬
ord has been unusually interesting
age depreciated book costs for the
and
rate base specified or authorized during the postwar period,
particular attention is directed to
rates of return in the 6.25%-6.35%
it. I suggest that it again indicates
range.
a
concern with practical end
re¬
rate base.
says
earnings is
together than the
6.50% yield on a comparable type
Determination
based
of
5%
on
a
fair
value
Translated to
cost rate
base the
an origi¬
equivalent
figure is 6.5%.
(3) Ohio has reproduction cost
bases specified in its regula¬
tory law. Probably these might
be 50%
or
so
higher than the
depreciated book cost type of base.
rate
The rates of return mentioned in
the
Federal
Power
Commission's
of state regulation previ¬
ously alluded to range between
5.4% and 5.8%, and in a 1960 de¬
cision a 5.5% rate was specified
as fair and reasonable.
However,
in contrast to the typical proceed¬
ings in other states where the
survey
"reconstruction
base
is
not
cost
required,
new"
rate
so-called
"statutory interest" and other ad¬
a
justments are made in the Ohio
proceedings because of the type
of
rate
bases
involved.
But
as
applied to rate bases approximat¬
on
rate
of
cases
the operations of a pre¬
vious year
lays is seriously impaired.
clearly
examples
allowable
to fall within
of
record
actual
specified rates of re¬
turn might indicate. Rates of re¬
turn varying from 5% to 6.66%
actually indicate results intended
of
The
to
closer
accepted
the validity of book costs as a
measuring rod for long-term out¬
As to rates of return:
as
of the rather significant fact that
the substance of the findings in
differences in rate bases
Neither rate base by itself, nor
rate of return by itself, is of great
significance;
earnings only negligibly different
than the Maryland Commission's
findings.
much
results:
end
mula to the Baltimore data would
have produced allowable dollar
were
called
se¬
tween 6.30% and 6.45% "is within
the zone of reasonableness" for
recently reported case
involving Laclede Gas Light Com¬
pany indicated an allowable rate
as
utility regulation has added an¬
ning; today's wage is more than
Upward Trend of Allowable
other distinct chapter to its his¬
double the figure at the begin¬
Rates of Return
tory and for the most part it is ning of the current expansion. Tax
If one compares the 1955 with
a constructive and rather
reassur¬
burdens have
risen
enormously the 1960 edition of the Federal
ing chapter.
during this expansion but not
One needs to recall for this
Power Commission's compilation
pur¬
much during the preceding one;
pose that the method of public
supervision of these utility opera¬
.
the
larger,
new
one
ade, respectively.
Consumers
shift
some
historical
"Administrative
Inflation
particularly in the needs
capital.
Capitalizations
which about doubled in the postWorld War I expansion, have al¬
ready trebled in the post-World
War II period.
Additionally, the
on
the
investment
devoted
to
utility operations, and also the present expansions show ample
dollars allowed for the return of evidence of continuing for many
Of greater diffi¬
that investment during its profit¬ years to come.
culties to both utilities and regu¬
ably productive life span.
These limitations will then omit latory bodies have been the prob¬
The price of a
utilities such as telephone, water, lems of inflation.
and
does,
namely,
that
competent
regulation contains much flexi¬
bility to meet changing facts and
needs even without any change in
legal concepts or standards.
size
Marked Post-World War II
the
be
limited primarily to the work of
state
public utility commissions
as it affects electric or gas distri¬
bution companies,.and will relate
to the two categories of dollars
which most interest buyers and
analysts of utility securities. These
are the allowable
earning power
process.
only
1945
more
1945
rather
of
was
of
measure
these three points in the last dec¬
view
over-all
missions. The record
capitalization
end
rough
a
limited value.
able
the
but these include fair value states
in which rate bases higher than
results
written.
than at the end of 1930,
and the dollars of earnings avail¬
at
the
of
under: 6 %,
now
depreciated book costs as
principal
determinants
of
in successive rate bases
apparently still remains as the
prinicpal tool used by most com¬
note:
000
commission.
This
certainly different.
Perhaps
the experience of my own com¬
pany is not too unrepresentative
was
to
quarter
-
levels
major point that a constructive
and
reassuring chapter has been
perforce know about to a greater
degree than the security analyst
many
one
specify
note, in passing, that
while so-called "cost of money"
computations for fixing a rate of
return are still put into evidence,
ficant
the
About
states
and at some times in
other areas, this broad evaluation
may not have been fully met; but
I suggest this does not obscure the
country,
exactly fascinated, and
of
6%.
(4) The District of Columbia
specified that a rate of return be¬
relationship of "Gross Income" of
(5) A final illustration: the
a
year-to-year-end
"Capitaliza¬ Maryland Commission in
my com¬
tion"—in other words, the earn¬
pany's case specified a 6.25% re¬
ing power of the capitalization, turn on an
end-of-period base as
one gets a figure of 5.8% in
1950, reasonable;
shortly thereafter the
5.89% in 1955, and 6.12% in 1960.
Michigan Commission indicated a
The earning power on the Com¬
6.6o% return on the average-ofmon
Stock
Equity also rose: it
period base as reasonable.
The
was 10.6%,
11.3%, and 12.1% for application of the
Michigan for¬
and
than
was
the allowable levels
ing book costs, the allowable re¬
are apparently in the 6.5%
here
take long to
nomalized income accounts, or any
area.
states
have been adjusted to 6*4%%to
6%% or above; and that in about
30% of the states the level is ait
or
public.
The ensuing period
turns
as
at
and
Thursday, May 24, 1962
of the
-
to
occur,
.
ities from the investment markets
of utility
imperatives
requirements had
did. Regulation of
.
ter per cent. The 1960 tabulation
indicates that for abbut a third
the
expressed are some
tails which should be
with
really es¬
the
conditions
that
of larger supply
that
w
talk to
our
ending
years
structures to meet the
didn't wonder
and
of
number
1946, or as the preceding
period of about equal lengcn loilowing World War I.
This latter period after 1918 was
one
of large expansion, particu¬
larly in the electric field, both
technically and in the extension of
service
to
more
people,
more
places, and more uses. Enlarge¬
about
ments and combinations
replied that I
—
distinctly unique and significant a
chapter as were the approximately
similar
new
first,
prices paid by the consumer for
utility service show little of the
inflationary price spiral which is
capital into a utility.
required to maintain a continuing flow of new
ly, too, they also required changes
in
regulatory
procedures
and
viewpoints. The fact seems to be
that these sharply changed con¬
ditions got constructive responses.
The simple tests of how well the
confidence is good; and
details must continue
way to what it takes to procure new investment capital.
is the need to demonstrate earning power level reasonably
needed, the minutiae of rate bases and related
Stressed
present regulatory history.
They
required
rate" increases
rather than decreases; important¬
were
met
are
historical costs are actually f al¬
expansion in the lowed. The record of actual per¬
supply of electric or gas service formance by the industry as a
to the public has been huge and whole, which can be taken from
the
Federal
Power
adequate to meet the need; sec¬ another of
ond, that ample amounts of new Commisison's annual compilations,
verifies
the
capital have flowed into the util¬
upward trend. Thus if
regulations in the past 15 years are
been, for the most part,
have
of the
.
produced answers that
substantially impaired
or
obsolete
one
to
a
under
the
few years
conditions
of
later, because
tax
successive wage increases,
increases, and price increases and
large growth in the interim. The
so-called "regulatory lag" began
to have serious impacts for the
same reason.
amounts of
The addition of large
facilities at costs
new
much higher than the average
very
book
cost
on
based caused
a
which
rates
were
similar substantial
obsolescence of rate
in
a
short time.
responded, after
devices
as
the
case findings
Regulatory bodies
a
time, with such
use
of
a
current
for test purposes, despite the
need to accept estimated data for
significant parts of the evidence;
and the widening use of end-ofperiod rate bases instead of aver¬
age-of-period; the permission to
institute new rates after a speci¬
fied
period
if
the
regulatory
procedures are not completed in
that time, with protection to the
public via refunds if necessary;
year
Volume 195
and
for
Number
the adjustment
so-called
6162
of rate bases
"attrition," i.
the
effect of adding new property at
higher than the average costs of
existing property. A recent major
rate
decision
case
in
e.,
New
York
utilized
a
plied
higher rate of return to
a
the test
the
variation.
new
in
data
intended
order
rate
to
of
It
ap¬
produce
in
return
.
.
The Commercial and Financial Chronicle
.
the F.P.C.'s decisions in two natu¬
quite insistent; and here again,
ral
balanced
where '5V2% and
rates of return were fixed.
cases
gas
5%%
citing that there was. noth¬
ing immutable about a 6% return,
he
cepts
attention
past per¬
conditions
ignore
pated in making rates for .the fu¬
order
As to
to
produce
an
applied
past year
intended
depreciation allowances:
The comments
tjase, rate
rate
on
flexibility, and end
pertain primarily to the
sults
turn
the
on
record
investment.
re¬
re¬
The
reads
differently on/the
important butv less
strident problem of depreciation
allowances, i. e., the return of the
capital during its profitably pro¬
ductive life.
Except in one in¬
equally
stance
Iowa
far
as
case—no
made
I
as
know
—
in
an
has been
progress
in
recognizing that today's
utility costs are simply
including all of the physical
recorded
not
property being used up in supply¬
ing the service. Neither c.o the
selling prices.
The problem is
compounded by the practices of
national taxation. One
that
observe
is
at least
the difficulty
far
so
can
of determining what is the
one
and also one of
obtaining appropriate taxation re¬
form, rather than a case of regula¬
tory or judicial unwillingness to
permit a proper solution.
answer,
proper
ture. Perhaps it can be shown that
greater
emphasis
on
prospective, as compared with past
cosfs : of ^borrowing will be re¬
quired to attract capital, or that a
somewhat larger margin for the
equity will be needed to maintain
incentive.
the
commission
thus far."
On Earnings Power
broad way
saying that the determination
required and fair earning pow¬
as
of
er^ is essentially a financial dem¬
onstration.''When expansion must
be managed, the minutiae of origi¬
nal
cost* prudent investment,r fair
value, computed costs of money,
price
and
earnings and payout ratios
the like are apparently not
but what it
takes to procure new investment
capital is most persuasive.
really determinative;
Therefore,
final
a
thought
for
consideration is that competent fi¬
demonstration
nancial
what
of
level
concerning
earning
power
is
reasonably required to maintain a
continuing flow of new capital
into
and
utility
a
in
rising
costs is
reasonable
at
amounts
a
most
needed, and probably
wanted
aspect of a
regulatory
proceeding. I can't prove this by
effective,
from
citations
sions,
Commission
deci¬
comments
aren't
such
for
written into formal decisions. But
Mr. Smith was in effect
what
ure
it, the record
simply
submit
I
famous
language from the
40 years ago defines
case
of
concept
:
what
constitutes
-a
fair and necessary return on util-J
ity
The Hope case 20
re-emphasizes it; and
is still in force today.
property.
ago
years
the concept
Theto
cial
words
central
integrity
maintain
"to
capital."
that
are
confidence
assure
of the- enterprise,"
credit," "to attract
They
the
rather clearly
say
essence
earnings
'^earnings
in the finan¬
of
an
determination
allowable
must
be
distilled from the financial arena,
and
factors
its
relate
to
sound
x
having a
endeavors:to provide
adequate
coverage of the preferred stocks
and bonds during depressed
peri¬
solving the problem;
that
is
return
of
/"v.
-
other
or
the
like.
investment fund,
They
investor's
sensible
,v
the careful
that
the
and
point is
my
view
fair
is
of
what
ingre¬
an
dient in the solution.
the
//;.•■
,
There may be better ways of
ods.
these
out
.
recognizes the
formula which
wisdom of
judg¬
ments of those who manage capi¬
tal in productive use, and those
who select the enterprises to which
they commit new capital are best
suited for the task. The supplier
of investment capital is increas¬
ingly and perhaps now predomi¬
nantly the institutional gatherer
of the nation's savings and its risk
capital: the insurance company,
the pension trust, the bank, the
Attracting Equity Capital
A second illustration lies
*
validity
notion
and
significance
in the
of
the
that
earnings per share
should increase rather
steadily as
the industry expands and absorbs
more new capital. As a
problem in
the
maintenance
of
investment-
onstration
of
how
is not
much
the
on
At its
lower level the annual rate should
be
as
in
powers
the
the result of retaining earnings
the business, or from sales of
stances in effect at any given time,
new
just
as
book
ties
are
the gas and electric utili¬
required
by
competition
the
stock
at prices well
above
values; but that is not at all
entire
to meet the earning levels obtain¬
able from alternative bidders for
needed.
investment funds.
a
decisions
sional
in "this
and
The investment
area
are
skilled
as
profes¬
possible,
and fortunately
the investor
groups are articulate.
•/
wish
I
to
it
were
as
possible for
me
spell out how this professional
could be made more
viewpoint
effective.
It has
fective in
a
already been ef¬
number of instances in
knowledge
my
in
the
to
the
or by report, both
presentation of viewpoints
regulators themselves, and
in direct
of
measure
what
is
Growths offered by com¬
petitive investments
are assuredly
after allowing for
the wider cyclical swings or the
larger risk in such other invest¬
factor,
ments.
rities.
He said he has been
secu-
strug-
gling for some time with a question of what kind of return should
be
earned
on
utility
a
corpora-
tion's equity capital. He feels that
this problem has not been 'gotten
at'
properly
He
return
turn
on
a
regulatory
why the
utility's equity capital
as high as the
re-
be
not
on
thfe
by
sees no reason
industrial corporation's
an
equity capital—he
menu that
there
tached
the
to
the argu-
says
is
less
risk
at-
utility
company's
equity securities than is attached
industrial
the
to
equity
he
and
corporation's
is not valid
securities
arrives at this conclusion
the
business
in
equity
owner
is
normally
the sole or principal
whereas in a utility corporation the equity owner holds a
minority interest in that should
owner,
(USSS<fnl
row
f
.
60% to 65% of the capital
of securities
owned
is
to
senior
equity capital."
Well,
he right
is
answer
lies
ingness
or
mit
new
not?
or
The
in the investor's will¬
unwillingness to
com¬
funds.
The
is
urements
answers
need
a
"incentive
for
factor.
Such
difficult;
are
meas¬
the
but
thereto lie within the lore
investment manager.
of the
third
from
which
p
illustration
intriguing
an
initially
vwhulc,™
Thp
comes
correlation
appeared
rT.jfL. f
while ago.
As if to illustrate the
some
notes
m+m
nnrrainitfin
oi earnings
rates^o/earmngs
point, here
within
the
past few weeks about the
viewpoint put to us orally by the
representative of a very major
other correlations, there
the story.
It is also
to
those
that
generally
on
on
the
had
lower
which
the
system
clear that the lowest
rate
indeed
nice
It
bases.
if
would
could
one
and lower rates seem to
together. Does the answer perarea in which fi-
go
haps lie in the
nancial rewards,
stimulations, and
other? In
market-place parlance, is it for
the
same
reasons
one
places a
results operate on each
higher price-earnings ratio on one
stock
than
«feel
of
another
success"
(and
more
This advertisement is
investment credit, and its
role, is
principal difference between the
regulatory
arena
of
today and
previously. However that may be,
Summary
Perhaps
0ne
lustrations
all of these
or
good deal
is
constructive
more
emanating from the skilled invesapplied to the demon-
tor many be
stration of proper
earning powers
strike one as being "far out."
j don>t mean them to be so, though
may
admittedly they have been chosen
to be provocative.
Their purpose
future aspect.
that
|or
mos^ par£ the Public Service Commissions which supervise
gas and electric distribution utili¬
is
£ndersc0re
to
a
It does seem, to me at least,
solid and
a
chapter
in
■
W
.
of regulation during this period of
postwar expansion; and it seems
reasonably clear that th? regulatlon of earnmg P°wers has been
attuned to what is needed to asan ample flow of new investmerd
capital:
>
It is
equally clear
better measurements concern-
are
The
needed by regulatory bodies,
jnvestor
tune
does
jn
our
be
utQtty
and
operation
an
of
ultimately call
present form of
and
jncreasingiy
regulation,
clear view
role wid certajniy help in
having the right tune called,
validly
.
A
.
..
_
,
,
a
Fair Rate
only
that
higher
Texas, May
1,
offer to sell
nor a
solicitation of
an
offer to buy these securities.
offering is made only by the Prospectus.
May 24, 1962
■
$212,500
TECHNICAL ANIMATIONS,
role
a
INC.
to play in
determining reasonable
earning powers, then just what is
the
wisest
terest of
in the
way
public
7% Convertible Subordinated Debenture Notes
in¬
due
handling the equities in¬
when
:
other- periods? -•
-
Ignoring the mat¬
entirely says to the risk-capi¬
supplier, ' "You are not the
ter
tal
of property; you
owner
of $100
the
ment
fixed
.don't
to
--
Purchase Class uA"r Common Stock
the holders of its Common Stock of record
at
the close of
May 15, 1962, the right to subscribe for Debenture Note Units at the rate
principal
amount
of Debenture Notes and 14 Warrants for each 280 shares of
at
3:30 P.M., Eastern Daylight Saving Time,
incre¬
the
on
-
on
to
and
fully set forth in the Prospectus. The subscription offer
on June 4, 1962. During the sub¬
scription period and thereafter the Underwriters may offer Debenture Note Units at
the prices and pursuant to the terms and conditions set forth in the Prospectus.
expires
risk-investor: "Should you
the
L'\.
.
Common Stock held, as more
Al¬
lowing full weight to current price
levels arouses the contrary retort
expect to benefit from
\
Company is offering
business
fixed dollar interest in the prop¬
erty." He doesn't like that, with
good reason; and it isn't fair.
/>
29,750 Warrants
The
have only
a
to
April 30, 1972
inflation
proceeds
far enough to invalidate the mean¬
ing of recorded dollars spent in
property paid for by
principal securities?
and
you still need a minimum
—
Subscription Price: $100
per
Unit
financial
>
management,- to- com-> earning power even if price levels
petitive investment attractiveness, "collapse?"
A * reading
of many
and to the element we call "con¬ cases
suggests the query: that per¬
fidence."
;
haps the real problem* in this di¬
^
and" bones"
lemma is to find
concepts, however,
than
words
and
generalities.. The job is not for a
theorist, nor a statistician, how¬
ever good.
Some cogent remarks
fiable
in
and
these
around
requires
more
what is needed
Nelson
can
.
"flesh
Lee
Smith
were
at
made
an
by
Ameri¬
Bar Association convention in
-1952, following severe-criticism of
measure
weight
to
distortion.
has
a
been
fair and justi¬
of
how
much
give
to
Until
now
soluble
justments in the
price
a
signed
by upward
of
Bull & Low
ad¬
return;
perhaps inflation will not
John R. Maher Associates
pro¬
ceed
substantially further. But if
does, the problem of achieving
equitable
answers
may- become
it
i
may
level
the problem
rates
may be obtained from the undersigned in any State in which the under-r.
legally offer these securities in compliance with the securities laws of such State.
Copies of .the Prospectus
,
Putting
i
.
ference, Dallas,
requires
help
Base
As long as rate bases have
.
rates
both possible and needed.
Consider three illustrations.
Arriving at
con¬
history
the
Ed*A"n fecbr„^u?.rUR„" „'t,r cfn?
The
NEW ISSUE
il-
of how the judgments
demonstrate that the way to lower
not an
a
pro-
nounced?
understanding)
of what is needed to maintain the
the
because
is
testimony; indeed, it may
well be possible that clearer dem¬
onstrations
is
powers
rateo
b^ses
and the highest rates
charged by those with origi-
cost
factor
load
significant. This intriguing point
remains, however: even after allowing for these differences in
costs and load factors, one cannot
fully explain why more liberal
rate bases and b e t t e r~ earning
therr^capiing
the earninSs Powers required
tneir cap
^
majntain the investment credit
charged by utilities which
have .the piore liberal fair value
nal
cost
conditions, particularly lower fuel
costs, and lower tax costs levied
by their State and local governments. There are other aspects, of
are
.were
lowest
with
}SiiSure
taxations
also have the lowest
rates
for
their services, it
also
seems
many
more
g^s and
rates
rate
made just
the
in
The correlation clearly
that
ganarally
showed
So
rates
Like
need to be granted.
is
true
higher earning
and
bases
structive
Earnings and Liberal Rate Bases
The
rate
powers
ties have written
Lower Rates Go With Higher
even
reward"
are
the
less than the rate at which
no
than
under
can
offset
to
rising average cost of senior
annual
average
readily apparent.
so
this
growth of busi-
insufficient
the
growth is needed
how
see
effects of higher labor, tax, material and equipment costs and the
easily demonstrable; but the dem¬
circum¬
earning
more
reasonable
is
ness
by holders
quiring
is
cannot
be avoided where
credit the validity of the notion is
the book value per share increases
are
he
said
by pointing out that while the industrial corporation is subject in
many instances to wider swings
restricted
by effective competition from re¬
volved
The
it
ir-ti
it
markets
country:
"The utility industry should be
granted higher rates of return. He
should
time
same
investment
this
the
both agree?
a
of
bodies.
meas¬
by
long way' towards meeting
a
Professional Viewpoint
the investment
a
for
we
picking
by
air."
it, and common sense sug¬
gests that it should be so.: ;.
A corollary of this view is that
Bluefield
actually
called
We can't fix that kind of
infers
community can be
even more helpful than it has al¬
ready been in demonstrating to
the regulatory community what is
right in these matters.
«.
is
we
concepts to which
a
observation indicates
go
it by more
saying "how do
essentially
factor in the
the requirements of the risk capi¬
tal supplier,
himself, though at
compel¬
ling proof than has been offered
and
Attracting New Capital Depends
will
is
By gearing the weighting
to risk capital the method would
the case,
have to be
of
what
a
part of the
dollars.
But if this is
convinced
mutual
in,
I read the record in a
antici¬
reasonably be
may
somewhat
of return,
,,
to
as
its
6.5% to the test data of
actual return of 6.2%-6.3%.
:
closely to
so
formance
the
limit
which
in
•"
"should not
Commission
to
as
the
on
developing the
answer.
He
may,
for instance,
consider it a fair solution to give
the worth of the property in pres¬
ent-day dollars the same weight¬
ing as the utility's risk capital
bears
to
its
total capitalization.
Such a pragmatic weighting would
lie between the extreme positions
of giving complete recognition or
giving no weight to present-day
con¬
that
added
then
but
Bluefield
the
reiterated
view
fair should help in
After
actual fact: in this case, it
a
investor
13
(2449)
R.Topik & Co., Inc.
1962.
The Commercial and Financial Chronicle
14
Named Treas. of
Our Reporter on
the
Spring
Meeting
the
of
T. CHIPPENDALE, JR.
BY JOHN
Railway Co., Montreal, Canada
"■.:
■
'A - ;
/A
-
N/
.
>
and capital market condicontinue to be favorable so
digesting of the refunding
issues is being made in an orderly
fashion Profit taking in a modest
that the
reported port-
with
along
have been mainly
folio exchanges
responsible
for
the
somewhat
wider
price
movements which
have been witnessed in the government market. This is not an
unusual happening at this stage
of the bond market since it• IS to
be
bring about exchanges as
The
to -show
continues
situation
no
iri.i>»r niu-mmt Rate In
Huher
Discount Rate in
-
,
bonds
in
medium term high grade bond.
situation.
v.
A/
it
an
Sciences
1998.
-
to work
in
some
volume at least
..
to
be
this
upped
it
hrinff
in
line
fall
With
1c
'■*
29TO
^
tliose WllO
:
^
hafUit-dS^
and
^
to put
to
assume
a
somewhat cautious attitude. This
in
thp
accordinglv
money
is
vested'in short-teriii
higher interest rates that will be
being
in-
on :
goods ; and
19.7%.
to
>
As
spending on goods snd
only from 8.0%-in
1951 to 8.1%, in 1961, the reason
for the increase must be sought
an a-
e
rose
the
pro¬
vincial and municipal levels.
Such
in
rather
spending
spending
of
11.6%
increased from 7.4 to
total
Gross
National
and
judgingv, from the
outlook, the end is no¬
where in sight.
4A •- A-' -
Product
current
decision
•G fe- a-t
-
Basic Question
The
d
the ptaritt
,
g
t Kennedy
h_
-
n,
at
The
VN. R.
problem
of
achieving,
in
Canada,
a •
rate • -of - economic
growth sufficient to provide reason ably lull employment for cur
labor''and"nhvs7caf resWces will
Crump
nr'nnnQPd
'
L
*
'
"f 11
"PtlfVlCT*
1+
flf
XXtlll
Rather it will increase because of
entry into the labor • force of
;.A\;
Canada may vary from one to'children bcrn during the war and
:-.;A;Y;'-'A:;A,A- another, one t fundamental prin- post-war periods. The basic ques—'
ciple is clear:,in order to survive, tion before us, is whether a soin order to maintain our present
cialistv system. >. of A government
Y-V;'-;A&rA- -high standard-of living, we must spending or the private enterprise
impact on Canada's futhe implications for
enormous
_
While
t.iire.
>
V
,
•
,
as
appears now
••
.
pnn cfrpe!C!
Of
the
United
t
t-A
g
tof
th„e aYi^ar"e
matters""'the
c+a+p,,.
aii
'State^
alp
these
^are
matters,
laoor ana pnysicai resouices win
political. ■regol„iion :of which wilThave tne
M
though "theY960^.
'
•
.
AA
y
nnlitiral
A
7 '
v
'A 9
haven^^^ in (^USlOmGrS
-VA
preserve, an-
risen
had
services
issues
C
e
-ft3'..
7
.
\
though there
is still enough uncertainty in the
It
^
tn
1
*!
.
the cornmercial and savings banks. A;; ; di¬
yi •»,
_♦ _.: bemg:
_|_. . Predicted
this
It
is • a.so
predicted at
at this
have
ijfe>
issues,-'mainly
Treasury bills. Some of this equity
government
term
co-educational
areaV
area's cultural
cultural vand
and
thp
the
v
.
Federal
•
mlseGreat
tt«,*
Graduates of the University hold important positions
11UIU
in
government, business and the
professions
Middle
professions throughout
throughout the
the Middle
East and are among the leaders of
accord
accora-
money,
.
'-
.
,
7
envrronmint in which private enterprise^ can- function effectively."
a
spending7
religions.
,
^
N
ninst' create and
services
-
with
students from 57 countries and 21
■
nrHpr
He warns that "if we intend to rely on private enterprise to
public.
achieve growth :in cur economy,: we-
including
latter
also making purchases of the 3%s
Common stock
demand for
in the
the
Universitv
.
and this should bring with
increase
A
1'
sci.e'n'qe^
tural
A-A;A
country's economic: growth and ability
taI7 principles of both competition- basis:
..accouhted->:fqrr7by governmenf
Middle East; Founded in 1866 and
Equity Money Scared
going to improve as the year progresses
tills • will- effect. political' union within the country as
tears
well as hinder severely the
"
ot rom„ete
at home
net in 1851'Bv the- tl-ird Ouarter
panada ••ca2n., compete, at.nome-uct in ijoi. uy tne turn quarter
and ^abroad, if- union leadership ;.-cf-1961i the . sha.bo^ol Gro^ Na-refuses; to recognize the elemen- v.onal -Product ;on an • annual
achieve-
commitments in the 3V2S due
Feb. 15, 1990 with some of them
pattern, according money is also finding a
majority of economists, is savings accounts in both
the
educational^
mg
The business
to
*
;
Alfred
addition, there are
c.ue
the -a economic
in
•
American^
going to be unfavorable ,ior a temporary period in short-
developments
A
'£a0rE=tm a°nd
,
,
.
since 1953 A'A AAA.^- NA,- f .-A A
The ; American ■ University "• of
come
„
'
v
•A.'a
„
bull market ,ng to the advices, is now being put
a new
of
the University
V
com-
Ha dacrias this unfartunata divisive trend1 to stimulatey >
^artificially end to feindrr trade and industry growth, as the case may >A:A'
;
:
variety,.in addition to buying coiy, Schools-'of Medicine, ; Pharmacy,
porate bonds, are currently mak- Nursing and Public Health..-The-
the making unless
in
is
is
there
,
,
that
v
eV
n-c-
a
committee-
,bond. Pension funds of the public
have
i-n
regretfully finds provincial and local
IJAA to compete abroad.; The railroad heed, further, hapes that the free AAA
y
0 A enterprise educational effort now being made will reach the-Canadian- AY
is not only being bought by com-
market have been
This does not, how-
up.
p
\;A
petition#
end
G.
member of the^
.
1, v
governments trying to insulate themssl/as from the forces of
^
7; "
•
Bei^vl^ t^Vlara^DrLaS
into the equity
cleared
(
.
longer
•
umng
A
Trustee and a-*,
,
'
■
approaching tha cantanary of its Con-
reports incorporated in the State of New AfQT10 nf
:
that the 4s due Feb,15,-1980 are York, it has faculties>f Arts and- ;7AnA"
a',°
being bought by investors Sciences, Engineering, Agricul-., 11,
lrl
_ri
who are interested in a bit
evidence in the
form of a steady demand for fixed
income
bearing obligations that
investors are not going to make
important changes in their investment policies until some of the
ever, mean
+
is
national cohesion, Ma-. Crump
'.-
:
due in 1971. This refunding issue
In
There is ample
which
.
Issues
:V;.
3
short-term governments.
uncertainties
,•
,
Favored Treasury
Canada
when
.
being invested mainly in
lne
;
A
•
vBoard. '
Hauser '.
b e e n a'•
Own
ifaderztion, and whan Canada should ba steadfastly pursuing greater
r
mercial banks, but it is also being ment outside the United States
acquired
by
other institutional and js widely accepted ^ as 1 the
investors who are interested in .greatest cultural influence Am the
improvement and there are indications that some of the liquidation of equities by foreign holders
is due to this. These funds, however, are
ment.
ernment
down of some
international Apolitical
the nailing
nated before^ anvestors -wELl J?f,^sity's
inclined to go heavily into - the
more speculative type ot invest- jia's
The! demand for selected govobligations continues to
well as expand, and among the current
profits, favorites is the new 3%% bond
expected that the plateau area
or any bond market will
this
of
: Therefore, it seems as though
n
1 ;
the money market and the capital Bank New
market will continue ito have 1a york Trust ;
good demand for their securities companv was
for the foreseeable future because, company, was
there are some con.ditiomng fac- Measurer /of
tors that will have to ;be ehmi- ^e^Unive.r-Y.:
tiroa
a
■■■
,
_
At
Money
Common
By N. R. Crump,* Chairman and President, Canadian Pacific
'A,
sity of Beirut held in Princeton,
J., Alfred H. Hauser, Senior
"Z"
V i c e-P res7 '•
'
a
Market Unity of Its
~
At
Trustees of the American Univer¬
way,
Thursday, May 24, 1962
.
Canada Needs
Am. Beirut Univ.
GOVERNMENTS
tions
-.
.
(2450)
Annual DinnGrA'Y«A|^:;be^re^
:
'
'
'v, A:<:
"
labor -the job that is required. • , .
government all have a critical
No one today can seriously
^
-
Matt s- Szymczak, whose tenure role to play, A
as a
j*f:-
government
^
■
Y '
question the efficacy^of mone-
A.
Our economic future more and tary and
member, of the Board of Gov-7
are will
fiscal policy by govern-
depend^ on aggressive- ment ni mitigating swings^m jhe
in
of
the
interim
obligation they
for.
period, that is during
are
..
and
capital markets, unless there
is evidence that the economic pattern
is
not
satisfactory
going
as
.
in
currently
are
important changes looking
being looked for in the money"
the summer, no
most
to-be
quite
as
is being looked for
.
,
.7
,
quarters of the financial
district.
•
.
.
'.A.
.
market are still being reported
large
dents, will be
principal
the
as
they
definite
have been in
Also, there
past.
indications
commercial banks
are
the
some
now
taking
have
Specialists in
the
are
advanced
last
rather
few months.
being reinvested
bills, with the 12 month
U. S. GOVERNMENT
and
ones
sonably full employment for our
resources, but not so great as to
kers, Thurs.,
result in inflation—is a basic eco-
Matt S.
evi¬
dinner
Szymczak
nomic
A.-*«
in the Starlight Roof Room.
able
Federal
covered to
p.m.
a
who
us
•
Conditions
play and should actively support
degree from the re-
"Operation Freedom" recently
launched by the Canadian Cham-
took his post with
This recovery has been caused by
an improvement in exports,
and
Reserve
do
a sit back and
attitude
may
well
nothing
pri^ie
.
Sade & Co. to
of
Certificates of Deposit
Admit Partners
Carl
M.
Loeb, Rhoades|& Co.,
is President.
be
to
sluggish,
appears
WASHINGTON, D. C. — Sade &
Co., 905 Sixteenth Street, N. W.,
D. Edelman Opens
n
-p,
Kotzin
general
May 31, will admit
Horace K. Whalen and Charles S.
the
to
firm.
Mr.
partnership. in
Whalen
is
now
a
limited partner.
Atjbrey G. Lanston
& Co.
.
Stein Bros. & Boyce
INCORPORATED
To
Admit P^utnpr
J.L7 rYUllllU
1 (XL LlICI
20 BROAD STREET
Y
DArmTMnnp
Boyce,
☆
☆
CHICAGO
ch'mbe??
6
members
BOSTON
Exchange,
Norman
ship
in
South
of
Calvert
Street,
on
June
1, will admit
HAJacobson
the firm.
to
partner-
Street
1962
Furthermore,
'n™
is,
in-
since
no
individual
dares
ques-
tion government when as a result
his livelihood or freedom may be
piaced in jeopardy, it is impassible
ye?tm,;nt by. government at the
Ynrk
^
nvi*ii
1
1
n
Mllburn^ Cochran Branch
tion of the total.. It should be a.
,
mat'erfof serious concfn l° a11 01
ARDHORK,
Okla.-Milburn,
.Cochran & ..Company Inc. , has
opened a
branch
office in the
Building
under
the
t'A ^ependenA onY
oppenaenx
so
on
government
government
•
,.
Fnrmc
In.r
Morton lnv.
The. figures
'
selves.
.
Morton.Feigelman is conducting
for
speak
Government
expenditure
on
goods and services alone, that
securities business from offices at
is,
excluding
West
City,
24th*
under
Street, New York
the
firm
Morton Investment Co.
name
*
of
Free
the
Young
on
Enterprise
j submit that we need to de-
interest
of
transfer
payments,
debt, and operations
corporations, comprised
cn
crown
wen can the
"old fashioned" vir-
them- tues; to my mind, our educational
a
119
,
Educating
spending and, that participation velop in our young people an apg°yernment in the economy preciation of ,what .some might
has increased so markedly.
man-
agement of Harold G. Dexter.
„
the New York Stock
outlays-, in
4„
aivklual initiative It is also cur
guarar]tee
of
personal
liberty.
lo have all-powerful government
DJ.. cnambers Street, New York federal, provincial, and municipal and simultaneously, individual
• - • .
levels—yhas assumed, in recent freedom. Political, economic, and
"■ ■'
years, an ever increasing propor- ;personai freedom are inseparable.
BALTIMORE, Md.—Stem Bros &
NEW YORK
☆
„
we
engaging in a public-, investment—that
Little
.
that
continues
however, and it
cannot expect a
substantial increase in investment
*air%a
FflAlmanri
members of the New York Stock
cn
expenditure
vestment
A
,
:
Exchange,
interested in
mean
losing the ideological and
by a large increase in government economic battle bv default
spending - As a result of higher
then is
ehtdrprise?
The Association is comprised of levels of disposable income, conj suggest, nothing more than
1,100 stockholders. Leo J. Larkin sumer spending has increased. In-,
economic manifestation of in-
purchases of Treasury bills.
FEDERAL AGENCY
SECURITIES
are
the-benefits of the
competitive
private
enterprise
svstem have a missionary role to
Mr. cession of 1960 and early 1961. ber of Commerce;
the
System on June
13, 1933 and left office on June 1,
1961.
'
:
Szymczak
Canadian
The Canadian economy has re¬
begins
dently getting a good part of these
funds.
In
addition, corporations
continue to make their usual siz¬
All of
perpetuating
problem.
Improved
The
6:30
at
at
v^aldorf-
Astoria.
Treasury
in
Cus-
2 4,
private
enterprise
to ^ achieve
growth in our economy, we must
create and preserve an environment in which private enterprise
can function effectively.
" A
problem of achieving a
healthy rate of economic growth
--one
sufficient to provide rea-
Bro-
tne
like. However, there is
well
of
May
sharply in
These funds
as
tomers'
ation
profits in the tax free bonds which
control
of
The
'
of the Associ-
are
that
measure
ation.
speaker at the
annual dinner
however, they are not as
as
arid material over which we have
some
four Presi-
of
Taking on Municipals
Commitments in the municipal
immediate
sential municipal services and the
a compelas the costs of government which ling need for all Canadians to reafe imposed on us through tax- alize that if we intend to rely on
ad-
the
ing
ministrations
...
~
15.5% of the Gross National Prod-
institutions
<
could
well
make
an
inventory
of
courses
such
as
civics, social sciences and the humanities and inculcate in young
minds the merits of personal resourcefulness
and
self-reliance.
0
Volume
Number
195
6162
.
.
The Commercial and Financial Chronicle
.
(2451)
They
the
be
must
surest
liberty
one's
made
is
the
right
feet.".
own
forces, is the
that
aware
guarantee
to
•
has
The Canadian economy is based
private
on
enterprise.
conviction
is
foundation of
very
objective of a Canadian Common
Market. In what better-way could
personal economic development as we have
stand on' known it in the Western World,
Tnis free piay of market forces
of
Our
basic
given
one of tne hignest
living in tne world,
us
stanaards of
-
Canadians
;
honor: the
100th
FROM WASHINGTON
an-
niversary • of Confederation than
by •. trying steadfastly., to achieve
greater national cohesion? Indeed,
■
Ahead of the News
...
why
not create "Confederation
of market place rather than the
Scholarships" predicated on an
There is
an
unfortunate
tenregimentation
of
the
exchange of students between our
planned
economy produces the best living dency in Canada today, tor gov- various regional areas, as a living
ernment
to
create,artificial
stimuli
'memorial
to
standards and the highest rate of*
Canada's first lOu
balanced economic growth. Com¬ to favor,; and to erect artificial • years?
that
the
discipline
_
.
at t*.e
z serious misallocation of
economic resources and without,
the
the.
I
.
h.-'A-A...; •'
do not
pression
•
that. I
■.
economic
.
-
wish to leave the
the
subject
were
duty.
":We
tries
locating
*
to
would
In
other
effi¬
between regions or be- :
provinces for the >establishment
of
uneconomic
indus-
•
tries. We cannot,
the•" virus
in short, tolerate
regionalism, Canada
of
.
m&su- m
a
by the powerful blocs existing in
25%-import
:
thrdecision^of1tLmiflions
one
area
■
produce^
attempt
an
tne
or
single,
i
,—
large
_i
We
inausay.A
-
-
.
_•
.
,
-Ly?
■' r»o+7+ir\r»
^..c
i-
,
_
l^il'lfon' olde rmlay 5?arch fa,clUtt1.es- Ffdera1 help for
the world today. Nevertheless, as their dlnmrten^ werp rnUortlnv 1
?.°nstruction of experimental
a nation,"we cannot insulate our- ?
,
were collecting hospital and other medical care
selves-from the -forces ofcompe- ^0TthlfuS0Clal f'cuJlty
facilities was also provided.
tition at work in the world. And
mUHon
Bu[ the number of
The report points out that $472
any attempt to insulate regions in • J?
1 u ^
^ "ieminion in tax savings accrued to
Canada from the forces of com-.LJ o!<* - r
1 er as JumPed people 65 and older and to those
find indus-
soon
in
quantities, gooos which '
be produced more cheaply by
can
ie
on 11 o
11
irY->r\rQr»+ir>ol
vr
•
if
^"ly
•
cisions of the fallible few.
a
to serving a local market, < in our economy,and
i
not * pessimistic - about
receiving a smaller economic "
I
am
Higher levels of domestic capi¬
1 return than would otherwise be : Canada'•s
economic; future protal formation, more research and
cally
:
development, and higher levels of
productivity makingour manufacturing industries better able to
compete at home and abroad
prior to tue establishment of the' have
are
!
'
required to achieve growtn in our
economy;Our ' taxation
system
•
market
common
When
stimulate, not discourage,
these' Objectives. Moreover,
our
which
establishment
encourages
•
' natural -'
of
none.
stability and
;
.
fnennnniVilo
,
resource
'exnandins
We have political;
0ider
skilled labor force,
a
an
ability
our
to
compete
at
to
of-old
aging
and
In
*aee
196?
=? eLmorkfrt' tr
base
•
relating
diseases
f-V, ,^1
„4
~
u
„
enue provisions. Tnese include
thpdouble personal exemption,
the
$130
During
million
1962
will
more
into
go
Federal "Housing for the
Elderly"
principally from new
funds requested by the
and appropriated by Congress.
home
^
retirement income credit, and
honsine snecificailv fnr
people
than
Our success will be determined by
government artifically
a
a
been "second to
has
spectacularly successful.
so
should
•
OO /O
in each of petition isi equally impractical; it J^Ten'years ago only $100 000
wasCresponsiple for their support bethose areas being devoted increas-- can only hinder severely, growth. bein
g
t jn research'specifi_ cause of special preference revresources
*
in the market place with the de-
.'
-
•
.
reP®JlCd ,xnat last year the aged were recognized in the Corn^
spent or ad- ymunity Health Services and Faf
billion for the eco- cilities Act of 1961. This act proare
persons 65 or vided for the development and
rtwa,^ an inprease of establishment of out - of - hospital
^
tweem
smaller
m
economic
-a
.
;
"
system works. A planned economy
place
"struggle
the
...
to
planning is not synonymous with
a
planned
economy. : Economic
,
can
mm
'
planning.. Economic
planning can improve
ciency with which an
on
,
im-
opposed
am
effects
BARGERON
*
..
A
various*region's;.' *1'-•S
im¬
personal judgment of the market
.place.
local leyel
or
same
CARLISLE
..With President Kennedy conduct- employment service, particularly
ing^ a" "ffitisscampaign for his with an eye to strengthening spe■:
'The .great
of
great..economic
economic challenges Medical care , to the agedCto cost cial counseling and placement
placeme
faced
by Canada in the world *eventually approximately $6 bil- older workers.
;mean that we
cannot afford to:'ljan a+.year' ^eCi?rt£^y ofAccording
to the report, the^
waste-energy and capital in a
rp*5Sf^i1 c+? unique health problems of the
A"
;
between
barriers
BY
.Curing the* Virus of Regionalism
Canadian economy as would election of traae barriers between the
infringing on freedom. No person
body,, however brilliant,, can
for
tariff
provincial
have
•or
substitute
.
Barriers
the different-regions oL Canada,
artificial stimulation of industries
without
a
_
wv.
private, individuals: and firms
; provide
,
Trade
ninder development of
to
have
not
spending
the place of spending
cannot take
by
_
particular industries in particular
aieas. While it is true that' we do
■
tem. The bhe canot exist'without
other.
Government
.
Internal
barriers
petition and freedom are the main
springs of the free enterprise sys¬
the
,
Ilecries
15
programs,
penses 7or Persons 65 and over
were
deductible from taxable income.
It is this $900 million and the
deductions made by persons under
industry which would not, on the; and abroad.
re¬
Every businessman
basis ot purely economic factors,
financing
worker in Canada must accent
trying to use to finance a iund
locate
in
the
ever larger incursions
':B7T.7U
"for giving certificates to persons
area, the result is ;and worker m Canada must accept
.
by govern¬
Jthe
same
as
ment into private sectors of the
levying ;a LriiT on; the -challenges
of competition,hag
Government must provide the eneconomy. It was i that ivenerable -inter-regional, trader Such action
points(put, th^,,Area Redeyelopnlan
l
.can
only
result
in
less
efficient,) vir0nment within which private ment
statesman, Sir Winston Churchill,
up a program
Although the plan seems
greatly superior to the Adminis-who
higher
cost
said
in
1959
"Among- our
.^industry Further- r enterprise x,an function effective- of occupational training3 and sub-j tration plan, the Republicans have
taxation system should not be
garded
as
a
of
means
President"jjL t^infto^s^La^
,
"
.
-'becn^ovided for^^report
•
''f^lt^Ynsuranc^thev
^"5 Although
want.
'kafwtii&fet
•
ci
;
--—
socialist
-
opponents there is
confusion.
Some
them
of
tive
Canada
to
cow
be
.
•
•
farmers
A More Effective Market Place
How
.'hance
can
>
the
in
we,
Canada,
effective
to
should join in
standards
of
market
common
in
:
that
and
i
at home. The first
f
•
;
have
we
a
of
market
common
most
have
less
•
.
eco-
be
| Real
and
foremost
>
citizens
of
and if
The
dnnoHlinitipc.
of
a
is
to
permit
far
tgiy
being
ana
-cieveiopment
to -take
place within a market area witb-^
local
level.
in
.
common
a
tween
/
:
,
areas
a
the
barriers
wicnin .the
market.• Within
be¬
Canada.
;possesses
:
areas.,
of
a
at
less
advantages
This
over
created
as
,j
.
Rotary
n
,
v
A,
Mr. Crump before the
Club, Toronto, Ontario,
cost
for
in
The
natural
routes
in
North and
•
achieves, on the basis
when
steeT is
West.
and
Ontario,
and
and
oil
can
be
•
•
traded
obtained
more
when
they are traded for manu¬
factured gocds produced in On¬
tario and Quebec than would be
>
the
case
if
Ontario
and
Quebec
attempted to satisfy their require¬
ments by local production.- Tradr
between
regions,
countries,' based on
or
\
between
compeacive
or
of
•A\
Not
a
-
4
Ncrth
,
and
.
...
the
improve
,
„,
•
as
a
registered rep-
,^
public resentative.
an
offer to sell
nor
the solicitation of an offer to buy any of these securities.
The offering is made only by the Prospectus.
New Issue
A?
a
May 18, 1962
■
225,000 Shares'
Star Tank and Boat
■=,
be
to
Company, Inc.
Common Stock
t
($1 Par Value)
:
America,
!a
*Includes
;
to
the
10,000 Shares initially being offered by the Underwriters
Company's employees and general counsel at $13.35 per Share.
was
•
South, rather than East
•
The
Canadian
establish
to
Price $14.50 per
nation
a
cone.
As
•
we'
dis¬
approach
Copies of the Prospectus
the
h
A'
r.
may
be obtained in
including the undersigned,
as may
Share
any state from such of the several Underwriters,
lawfully offer the securities in such state.
centenary • of
Confederation,. -1 1
help - but
think
of
the
'-cannosv
*
earlier
*a
comments
common
am
on
market
-reminded
the
need
in
spectacular,, aspect of the, Euro¬
pean
Common Market has- been
economic—the
of
that
union
should, equally
ultimate
is
>be
objective
political. This
the
A
G. Becker &:Co.
incorporated
of
Canada, I
that—although the
ultimate
>
with the firm
A
-
v
being
against it.
With Yarnall, Biddle
have also been made available to
many
colnniendable- memorials v
suggested in - the • national •. press.
cheaply 'If I
may - revert "back
to ;• my
produced in the Prairies
for
economic pressures.
direction
of; trade
created
was
manu¬
machinery and textiles manu¬
Wncat, meac
factured in .Quebec.
either
exchanges, announce that Fenton R.
Middlesworth is now associated
expand
This advertisement is neither
'
larger volume of production, tinct Canadian identity. While the
•the advantages of lower unit cost.
wish 'for\ a
disanct
Canadian
j Put
simply,
this
means
that identity 1 as * not, I believe,
greater production can be secured changed since 1867, much remains
factured
are
a The
Secretary reports that funds
cul¬
many.-Canada was
nation in the face of
a
—
anywhere
the ground after 11 months'opera- Exchange, and other leading
address by
Economic
are
as
tremendous
mar
other
You
artificial
Union
challenges
Canadian
.
common
common
The
,
ab-
ket, one region produces those
goods and services in which it
;
.
market'is
artificial
of
get
'
*An
Toronto
;
.
through
Political
artificial "encouragement
or
restraint; Thus, the first principle
•sence
optimistic
tion.
of Canada,
Challenging Need for Canadian
out
•
too
to
industrializa¬
not
level
•
^ of
is
able
Area
Area
•economic
!
of
been
with their plan. Attention is riv¬
eted on the Administration bill.
not being able to get its feet off members of the New York Stock
Canadians
„
regions
usually
economic
persons
areas
not
Redcvelonmcnt
as
it PHILADELPHIA,
Redevelopment as
it
Pa. — Yarnall,
has been attacked in Congress for Biddle & Co., 1528 Walnut Street,
than from being merely residents
pf. particular
the
Ribicoff
abnut
about
pleasure -and
more
from
these
of
in
stress. It is possible that Secre-
to
.
living
separatism is as dangerous
tural separatism.
• ;
common
traae
portion
found
the world, 1 am sure we will
derive
consi
ere
to
older
workers because of the high pro-
the
avaiiablp
j
considered
must be tne concern
at the provincial
per se,
regional
•
market
to
•
is
importance
government
where
.
,
oavments.
special
*
)
v
objective
demands
aggressively
^Canada, not citizens of Ontario,
; means, such stimulation must be'
.' Quebec, British
Columbia, or the detrimental to that activity else¬
Maritimes.
of
_
respond force-
we
man^'
benefits
requirement of '/• Separatism, with which we are
being a Canadian is that we look all
becoming too familiar, is by
on
ourselves as Canadians,
and no means confined to the Province
not merely as a member of one of
; of Quebec. Every time that eco¬
Canada's many regions. We are nomic
activity is stimulated on a
first
economic
and
us in
reduc¬
a
true
funv
living standards
Canadians.
and
A-
tne
,
.^any^ opportunities ay^UaWe to
goods
r
cloth according
our
.
upon us
income
x
.,
sistence
If we cut
in
and "to
manufactured
real
the
all
tion,
;
be
result, would
tion
a
?
effec-
areas
goods
;
can
would
the market place in our economy?
we debate whether Canada
with Western Europe or with the
United States,
we
must ensure
v
which
purchase
The
of
Before
;
;those
,
from Ontario.
en-
workings
other
nomically produced in the area
which adopis the artificial stimulation. For
example, if Ontario
were
to
achieve self-sufficiency
■sufficiency
in
wheat
production,.; Prairie
milked;
only a
-handful (and I am one of them)
see
it for what it really is — a
strong and willing horse that pulls
the cart along."
* •
;
•
;•
the
reduce
from
for
services
-
a
must
demand
..
-private enterprise as a predatory
tiger to be shot; others look on it
'as
it
more,,
great
regard
Paine, Webber, Jackson & Curtis
Hornblower & Weeks
t-.
i
%
i
,
Smith, Barney & Co.
"•
-
Incorporated
.
:
Stone & Webster Securities Corporation
16
The Commercial and Financial Chronicle
(2452)
Steel
Production
Electric
part of the year. It is in this re¬
Output
gard that the new cloud
over
profits and capital spending is
Carloadings
The State of
Retail
TRADE and INDUSTRY
Trade
Price
Auto
Production
Index
expansion
general
Price Index
reassurance
economy's course
decided how much staying power relatively rigid price restraints.
"The profits picture had already
the
expansion will have at the
clouded somewhat with prelimi¬
year's end. For pointing this out,
the May Morgan Guaranty Survey, nary indications of a disappoint¬
published by the Morgan Guaranty ing record in the first quarter. On
Trust
Company
of New York, early figures, total corporate prof¬
"the aftermath of last
stated that
its
in
controversy over steel
prices clouds the short-range busi¬
ness
outlook, The government's
this
action, unsettling business
confidence, came at a time when
some
balkiness was appearing in
either
month's
strong
those
of
1961
in
declined
or
mixed in their
Proposal to
are
area
implications. Gov¬
of plant and
only
indicate
year
crease
the
over
attained
the
at
statistics
of
of
end
contract
on
in
orders
new
in
"By contrast,
currencies.
1961.
can
data
and
ing businessmen's capital spending
plans for all of 1962 suggest a
considerable increase in the tempo
of investment expenditures during
that
solution
LONDON, Eng.
absence
since
of
I860
—
acute
would
be
Dr.
flashing caution
signals. Under
circumstances, the effect on
business
sentiment
conceivably
such
could
put
tive
the
forces
still
are
at
in
work
Governmental
economy.
out¬
lays continue to trend upward, and
crimp in this year's consumption outlavs have quick¬
ened in pace recently, led by brisk
a
economic activity, although there
is
it
basis yet for judging whether
no
demand
for
influences
new
These
cars.
two
sufficiently strong
seem
actually will.
for the
"A key place to look for clues
abrupt flattening of the business
will
in
be
plant
and
equipment
expenditures
by business. Capital
spending
highly
is
sensitive
profit expectations, and
in
industries these doubtless
Open
however, leaves
NOTICES
much
how
near
term,
the question
open
staying
the
power
expansion will have in the latter
DIVIDEND
At
of
meeting
a
Allegheny
Penna.
the
Board
Ludlum
Steel
of
held
today,
(50c)
Stock
close
of
Corporation,
1962,
to
record
at
shareowners
of
business
June
on
that
8,
1962.
is felt
concern
A.
McCASKEY,
JR.
Secretary
Board
have
the
President
insisted
in
and
and
is
of
of
of
Continued
Directors
cents
declared
has
per
share
on
to
close of
From
DIVIDEND
a
HAROLD
B.
change
this
47
NOTICE
MET-Of*
of
Board
UTILITIES
cents per share on
the Common Stock of the Company, pay¬
terly dividend of 40
able
of
June
14,
1962, to
the
close
June
on
record
1,
at
1962.
of
Directors
will
Checks
be
COMPANY
on
has declared
months
Vice-President
25,
mailed.
1962,
close
also
as
&
DIVIDEND
Secretary
The
board
declared
a
of
NOTICE
directors
$1.50
the
for
today
Series,
a
share
second
1962,
business
record
the Common Stock
on
of
June
record
14,
at
1962,
to
close
of
the
Treasuries
United
May 28, 1962.
P. S.
DU
with
PONT, Secretary
share
a
of the
company
'
stock
.
.
.
at
has
share
a
the
been
declared
June
payable
1962,
29,
stockholders of record at the
close
of
business
on
June
1962. The stock transfer
the
stock
a
the
close
of
business
UNITED GAS
May
1
f
CORPORATION
of business June
close
15, 1962.
at its
CORPORATION
-i.
'
Street, New York, N.Y.
May 15,1962
"
Directors of Kennecott Ccjoper Cor¬
clared, payable
on
stockholders
of
to
close of business
June 22, 1962,
record
at
the
a
May 29, 1962.
PAUl B. JESSUP,
Secretary
rate
renewed
are
three
every
A
quarterly dividend of
thirtyive (35c) cents -per
share was declared payable
June 22, 1962, to stock¬
holders of record
of
business
at
the close
June 7,
•'
put
the Common
Stock of the
Corporation,
such a device except for
periods
without
gravely
on
at
the close of business
on
June 8, 1962.
prestige
any
of
abroad.
the
wide
alternative "gadgets"
forward by various experts
ments
of
adverse
such
balance
devices
of
would
pay¬
not
persistent decline in the
surplus of American
gold and
Foreign Exchange assets over ex¬
ternal liabilities. (Nor would they
solve
problems
arising
from
permanent reductions in foreign
dollar
holding's, such as mignt
easily occur at any time from
now
on
through a wholesale re¬
patriation of French capital fol¬
lowing on ..the solution of the
Algerian problem.
prevent
.
*
-
their
would
chronic
1962, to
of record
stockholders
rely systemati¬
improving international li¬
quidity provide a solution of the
dollar
problem. If there
is
a
(40£)
on
share
could
for
divi¬
B. M. Byrd
Secretary
UNITED CAS
a
-
SERVING
THE
1962.
'
on
that
again
Britain
variety
meeting held March
payable July 2,
TENNESSEE
CORPORATION
poration held today, a cash distri¬
bution of $1.25
per share was de¬
its
and
Nor
of Directors
24, 1962, declared
CORPORATION
of
credits
damaging
Dividend Notice
The Board
V
KENNECOTT COPPER
Board
of
term
brief
Secretary
May 18, 1962
TENNESSEE
of the
-
rely for the de¬
exchange on short-
cannot
fense
cally
louisiana
bhreveport,
D. W. JACK
per
meeting
however,
first
A
nor
the
dend of forty cents
the
later.
or
again
repaid,
months. Neither the United States
at
William L. Benger
At
be
payable July 2, 1962, to share¬
books of
May 18,1962
deal
holders of record
Vice Pres. & Treasurer.
161 East 42nd
to
Such credits
pressure.
to
country
18, 1962, such dividend to be
14,
Company will not be closed.
genuine
sooner
split has become effective
authorities
States
the
purely speculative pressure
speculative exaggeration
have
two-for-one
enable
with
of
on
capital stock of this Com¬
pany,
to
ONE DOLLAR
of
common
•
••
dividend
the
outstanding after
DIVIDEND NO. 192
A
on
Company which will be
would
John G. Greenburgh,
61 Broadway
Treasurer
New York 6, N. Y.
Suggests
;
There
which
be
$2
are
the
Problem; Solutions
only
dollar
two- ways in
problem could
solved. The easier way
bal¬
cutting out foreign aid.
to political objections
decision
a
is
is
that
a
countries
that
should
World
the
much
of
in
be
the
prematurely
the
a
confidence
less
the recipients can have in the ul¬
timate
States to
a
the United
to their assistance
of
capacity
come
major crisis.
if the United
gigantic ex¬
loan, it would not obviate
the necessity for eliminating the
adverse balance of payments. No
States should issue
that in the long run it solves
nothing. It is true, credits by the
International Monetary Fund or
by
foreign
Central
Banks
or
at
1962;
would
adverse
In any case, even
Long Run Solution
a
solution
the
posi¬
tion to look towards Washington
as a dependable
source of assis¬
tance if and when they should be
faced with a major
crisis. The
more
assistance
is
given away
in
.
is
July
payable
10,
to
more
The trouble about that solution
quarterly interim dividend
payable
on
dividend of 28 cents
both
pre¬
like
would
so.
or
Not
or
International Salt
he
this
Stock—$4.50
to stockholders of
of business on July
stockholders
February 19, 1962.
Preferred
Series and 87'/2< a share on the Preferred
the
Corcoran,
John
the
on
Stock—$3.50
shareholders
business
share
which is
reserve,
the
stronger position to assist foreign
countries in an emergency if They
did not
fritter
away
their re¬
sources through the lavish distri-;
bution of foreign aid during comparatively normal periods. What
Free
probable Mr.
acquisition
of Foreign Exchanges through of¬
ficial
credit
arrangements in
foreign currencies similar to those
concluded
during
the
past
12
Wilmington, Del., May 21, 1962
a
;
Roosa has in mind the
KLINE,
of
matters
what
shortIf
answer
in the market it would necessarily
lead to a corresponding decline
gold
to
payments, if necessary by
acquisition of Foreign Exchanges
in the
small
been.
United States would be in
was
should
of
such
to
a
volume of Foreign Ex¬
to be acquired. If
be done through the
necessary
alternative
eliminate
to
The
He did not make it clear how the
Secretary.
a quar¬
to
of
have
credits
means
should
lead
not
an
financial
prestige
anything like the extent
arrangement
The
reduction of the gold reserve but
of the Foreign Exchange holdings.
day regular quarterly dividends of $ 1.12 V2
meeting held today, declared
a
should
such
big enough, the success
of the operation is bound to be
impressive.
that adverse pressure on
dollar
the
States
would
detrimental
amount is
large Foreign Exchange re¬
serves so
E. L DU PONT DE NEM0URS&C0MPANY
The
at
the
term
Association
the United
Nor
be
abroad to
ance
that
and psycho¬
resulting in¬
in the American gold re¬
to over $20 billion would
American
alive.
His
be
have
material
The
dollar.
be
hold
would
effect.
operation
on
May 17
regarded as reassuring.
main suggestion appeared to
cisely
COMPANY
the
this
avoid. What is
COAL
serve
cannot be
1962.
CONSOLIDATION
crease
delivered
Bankers
It
restore international confidence in
point of view the
by Mr. Robert
Roosa,
Under-Secretary
to
the
United
States
Treasury, at the
Rome meeting of the American
the
at the
stockholders of record
business May 28,
logical
of that
excess
is still very much
address
the
on page
in
was
loan.
into something like $5 bil¬
in
order
to
produce
the
necessary
unsatis¬
an
dollar
substantial
a
run
lion
corresponding period for
Evidently the dollar prob¬
1961.
actions threatened against the steel
Consecutive
10
to
the
lem
not
most of
loss
tr.e
as
speeches
administration
"anti-business,"
10,020,000 shares of the Company's
capital stock outstanding and entitled
to receive! dividends, payable June 15,
1962,
The Board of Directors of
The
considered
consolidation of
a
ternal
over
factory state of affairs, especially
Quarterly Dividend
The
dividend
S.
others
Common
30,
June
steps calculated to
damage done to business
is
proposal.
proportion of foreign dollar assets
by means of issuing a large ex¬
scares
here about the
year
Roosa's
dollar
has been highly grati¬
fying, growing
some
SULPHUR
163rd
Department's
influence.
TEXAS GULF
COMPANY
de¬
was
the
the
of
payable
the
share
on
cents
Commerce
quarterly survey of invest¬
ment plans, to
be published in
mid-June,
will
be
watched
carefully for evidence of such
confidence.
1962,
fifty
the
next
taken
Directors
18,
good performance. Data for
reading, however, were gath¬
ered before mid-April and thus
would not reflect any chilling ef¬
fect government's intervention in
the pricing policies of the steel
companies may have had. Results
this
repair
v
Corporation
of
per
clared
of
May
dividend
a
■••JVC'
.
This would consti¬
tute
"Meanwhile, government has
NOTICES
Allegheny Ludlum Steel Corporation
Pittsburgh,
with the first.
of
Question
"Reassurance for the
many
be-
no
future.
to
are
that
assure
will occur in the immediate
curve
of
DIYIDEND
moment to
a rise of about 9% in plant
equipment outlays in the sec¬
ond- half of the year
compared
and
-
be
beginning of this
imply
either consolidate most of
we
Although the
gradual erosion of
economy's- forward movement somewhat in the first quarter,
the American gold reserve. Even
and when certain key indicators- profits per dollar of sales presum¬ the latter half of the
year. The in the absence of an acute scare
stock prices, manufacturers' new ably declined.
figures
produced
by
McGraw- a decline of that reserve
by $455
"At the same time, potent posi¬
orders, corporate profits — were
Hill's recent iSuryey, Yor; instance; million since the
the
that neither the U. S. A.
warns
short-term credits in the defense of their
en
foreign dollar claims by issuing a large external dollar loan, or *'■
cut our foreign aid. The former would stilt,
require eliminating our
adverse balance of payments.
Dr. Einzig concludes worst possible
And
cover¬
rely
The writer suggests
the
survey
acquisition of foreign exchange
avers
temporizer and
a
our
spending
awards
the U.K.
nor
Dr. Einzig
is at best
reserves
in¬
modest
a
rate
that acceleration is in the making.
slightly,
exchange expert.
equipment expenditures by busi¬
ness
during the first half of the j.
quarter
interrupting the pre¬
vious strong cyclical uptrend in
earnings; Since business sales rose
tion solution, made in Rome, May II, is termed unworkable by foreign
;
estimates
ernment
capital goods
sector do not offer solid evidence
case
By Dr. Paul Einzig
Treasury Under-Secretary Robert V. Roosa's proposed dollar-protec-
this
in
gain
no
final
the
of
months
either showed
year
over
three
first
the
ex¬
which so far have
a modest rise, come in
an energizing force in
penditures,
shown only
strongly as
the economy.
"Present data
about the ing reassessed against fears that
still leaves un¬ government may seek to impose
term
Near
Thursday, May 24, 1962
.
Protect Dollar Found Faulty
maintain
to
momentum unless investment
Failures
Commodity
.
worrisome; it will be hard for the
Food
Business
Latest U. S.
.
would
a
ternal
external
could
loan
be
large
to safeguard against the
of
the
gold
reserve
enough
erosion
a series of adverse bal¬
payments comparable to
those
witnessed
during
recent
years.
If
a
major
loan lulled
American opinion
into a false
sense of security then it would do
more
harm than good. It would
through
of
ance
be useful in order
confidence
thereby
sure
reduce
to
restore full
to
and
dollar
the
in
adverse
pres¬
through withdrawals of for¬
eign funds. It would be harmful,
however, if as a result of a temA
porary cessation of adverse pres¬
drastic
the
sure
for
balancing
counts
were
steps
necessary
international
ac¬
to be deferred.
this point of view, the
possible solution would be
the orie advocated by Mr. Roosa,
according to which the decline of
From
worst
the
gold
screened
would be
Exchange
that the deteriora¬
reserve
Foreign
by
operations so
tion of the international accounts
in
remedies.
would fail to create a pressure
favor of the necessary
N. Y.
Analysts to Hear
-
Seay, President of
Basic Products Corporation, will
address
the:
regular
luncheon
meeting of the New York Society
G.
Dudley
of
Security Analysts on Thursday,
May 31.
The
.
•
luncheon
will
be
the Society's quarters, 15
held
at
William
Street, beginning at 12:15 p.m.
Volume 195
Number 6162
.
.
The Commercial and Financial Chronicle
,
(2453)
STANDARD OIL
INew first quarter
brand
income record.
earnings down 14 per cent, due to
depressed prices in the industry.
President John E.
the
Annual
Swearingen said at
Meeting that
was
a
record
com¬
pared to $531 million last year. He noted
the following gains in operations:
Production
of
liquids
gas
A 12 per cent
volume.
crude
up
5.5
oil
and
natural
per cent.
increase in product sales
Gasoline sales up
6
weather
per cent.
first quarter.
the
in
Residual oil sales up 16 per cent,
with increased sales to the steel
sales
10
per cent.
and residual fuel oils, and
a
number of other
products. In addition, this year's drilling
program was substantially heavier than in
the first three months of last year."
As a result, first quarter earnings of
$37,600,000 were not as good as the
$43,800,000 for the first quarter of 1961.
"In
earnings
ago—off 14
the
were
$1.05,
versus
$1.23
per cent.
Annual
Report I forecasted
higher earnings for 1962 as a whole, but
pointed out that earnings in the first
quarter and first half would probably fall
below 1961 because of depressed gasoline
prices," said Mr. Swearingen. "Results thus
far have borne out these predictions.
"For
have experi¬
enced steady price erosion on gasoline, our
principal product. At times in the last
several months wholesale gasoline prices
reached the lowest level we have experi¬
enced in more than 10 years, while retail
gasoline prices, in spite of steadily increas¬
ing taxes, have reached ridiculously low
points in many major metropolitan areas."
In
over
the main,
a
these disastrous price wars
Surplus industry capacity to produce,
refine, and distribute oil and its products.
2.
The efforts of
independent gasoline re¬
or
expand their busi¬
nesses, and of a number of major companies
to broaden geographical representation.
tailers
3.
to
Efforts
reduce the
received the
same
Swearingen
went
to
on
more
a
Production
tion
amounted
a
Climbs.
"Total net
and natural gas
363 thousand barrels
of crude oil
to
gain of 5.5
per cent over
the
"Since
last
of 1962
start
produc¬
liquids
a
day,
had
have
significant wildcat discoveries. In
we tested a
gas well on
at
rate
a
day, from the .thickest pay zone
yet found in any Canadian well. Our initial
discovery well in the Persian Gulf off Iran
has been followed this year with another
which
tested
has
at
rates
up
to
14,500 barrels of oil per day."
"The
liquids
processed by our 13 refineries was 5 per
cent
higher than in 1961, reflecting in part
our
greater volume of sales," Mr. Swear¬
ingen explained.
Refining
Higher Sales.
Reflects
volume of crude oil and natural gas
Marketing Gains. A 12
per cent
in sales volume
overcome in part
the weak price
the
Mr.
structure.
this.
helped to
effect
destructive
Colder
weather
10 per
In
company
closing, Mr.
Swearingen reiterated
that, despite some of the problems dis¬
cussed, an increase in earnings for the year
whole is still
anticipated. "I say this
strongly believe that jproduct
prices will improve, that our efforts to
reduce raw material costs by increasing
production of crude oil in the U. S. ana
as
a
because
I
abroad will be successful, that
our
natural
gas sales will continue to rise, that our
efforts to effect further economies in
oper¬
ations will succeed, that our
programs to
increase sales without proportionately in¬
creasing
will be
ancillary activities
contributions to profits."
and
costs
fruitful, and that
will make further
investments
our
the
in
first
quarter
con¬
Directory-Standard Oil Company < Indiana)
excellent
light heating oil sales,
up 16 per cent over 1961. Residual oil sales
rose 16
per cent, with increased sales to the
steel industry. Sales of natural gas were up
to
our
Swearingen elaborated on
sales were up 6 per cent.
"Gasoline
tributed
of
increase
make every
to
effort to insure
participates in that
growth both at home and abroad, and that
it continues to do so
profitably."
that
of 30 million cubic
feet per
wildcat
for oil alone will increase about 70
per cent
over the next 10
years.
"We intend
year.
we
"Taking a longer view," said Mr. Swear¬
ingen, "we are confident of our prospects.
Although world-wide over-supply of crude
oil still exists, and crude
prices remain sub¬
ject to many disturbing factors, including
interference with the price structure by the
Russians for political reasons, nevertheless
the
long-range trend for petroleum is
definitely upward. Within the next 10 years
we
expect domestic demand for energy to
rise by 40 per cent, and we estimate that
oil and natural gas together in 1971 will be
called upon to provide over three-fourths
of this much larger demand. In the free
world as a whole, we expect that demand
cent."
Major Subsidiaries
AMERICAN
OIL
COMPANY, headquartered in
Chicago, manufactures, transports, and sells petroleum
products in the United States. It markets through its
Standard Oil division in 15 Midwest
states.
year now, we
have resulted from three factors:
1.
Mr.
small choke
offsetting these gains, however,
were
the depressed prices.
"The largest
single factor affecting this year's earnings,"
said Mr. Swearingen, "was a decline of 1.2
cents
a
gallon in the average price we
received for gasoline. This was coupled with
declines in the prices of kerosene, distillate,
year
we
British Columbia
up
More than
a
operators
prices for gasoline in the first quarter of this
year that we received in the same quarter
last year," explained Mr. Swearingen, "we
would have reported earnings $6.7 million,
or
19^ a share, higher than we were able to
report for the first three months."
several
industry.
Natural gas
station
detailed discussion of the first quarter:
Light heating oil sales up 16 per
cent, largely due to colder
Per share
"Had
Shareholders'
income of $567 million
service
COMPANY
by introducing a third grade
gasoline priced competitively
with the
private brands.
Net
17
establish
of some major companies to
price differential favoring private
Working Capital Reviewed. "In the past
several months
review of
Mr.
we
have made
an
extensive
of
working capital," said
Swearingen. "As a result, we have
our
found that
use
we
can
reduce inventories and
cash
requirements to free substantial sums
profit-making activities.
Rather than carry cash or equivalent on a
year-round basis to handle short-term re¬
quirements, we are planning this year for
AMOCO CHEMICALS CORPORATION, Chicago,
manufactures and markets chemicals from
petroleum
here and abroad.
AMOCO TRADING CORPORATION, New York
City, buys, sells, and trades crude oil and products
abroad.
for investment in
the
first
time
to
issue
short-term
some
commercial paper
of the year, we
maturing before the end
have no present plans,
however, for any additions to our longterm
borrowings."
Future Bright.
For 1962 as
industry increase of around 3
a
domestic demand and around 8
foreign demand is anticipated.
whole,
in the United States.
PAN
AMERICAN
PETROLEUM
CORPORA¬
TION, Tulsa, finds and produces crude oil and natural
gas in the United States and Canada. Its subsidiary,
Pan American International Oil Corporation, New'
York City, engages in oil exploration and development
outside of North America.
SERVICE PIPE LINE COMPANY, Tulsa, trans-
an
in
per cent in
per cent
INDIANA OIL PURCHASING COMPANY, Tulsa,
buys, sells, and trades crude oil and natural gas liquids
ports
crude oil for
our
refineries and for others.
TULOMA GAS PRODUCTS COMPANY, Tulsa,
markets
liquefied
petroleum
gas,
natural
gasoline,
anhydrous ammonia and related products.
Standard Oil Company <indiana> 910 s. Michigan, Chicago 80, Illinois
The Commercial and Financial Chronicle
.
.
Thursday, May 24, 1962
.
(2454)
18
prior to the fund's availability
investing public and $41.9
on
Dec.
31,
1961.
Net
asset value per share was_$14.21
March
on
31,
compared
with
ago
MUTUAL FUNDS
JOSEPH
BY
C. POTTER
$13.21
on
Dec;
Crying and Buying
this
year
weather in New York
has been superb, but
31, 1961.
barely noDenizens of the finanhave
Streeters
Wall
it.
ticed
community have gone about
opposite numbers in
cial
in what their
Street would call a
Summer lethargy
arrive ahead of schedule this
Throgmorton
souper."
"pea
may
Celanese
the
quarter
Gulf
Corp.,
Oil,
E.
J.
Korvette, Lockheed, Ohio Oil;
pan American World Airways;
Philadelphia & Reading' Corp.*
Royal Dutch Petroleum1, SmitiiN
Corona Marchant, Standard Oil
Co. of California, Texaco) Tip Top
products Class B, Twentieth Ceritury-Fox Film and Yourigstown
Steel Door.
Over the same span it elimi-
something that hadn't happened
Right now, the question upper- since the dark days o± 1933.
nated Aetna Finance, Amphenolmost seems to be: "What are the
People already embarked on gorg Electronics; Bank of Virfunds doing?"
The funds' chiefs, accumulation plans and those who gjnia,B e r m a n
Leasing
Co.,
without getting specific, are say- have only recently bought tuna g r r y s j e r
Corp.\
Coca - Colaj
ing that they've been buying spar- shares are aware of the penalty pjenver Chicago Trucking, Dial
ingly, or that their holdings of growing out of the load to those pinanciai Co., Dresdner Bank
year.
cash have been
permitted to grow,
who would dump today the cpm-
Far
(ADR),
Financial
West
mitment they made yesterday. But Qorp
Fidelity - Philadelphia
chases to "defensive" issues.
what about the investors who have ^rust Co., First Union NaPeople in the funds business been contemplating purchases^ ot ^ional Bank of North Carolina,
have a few questions to ask, too. mutual funds for the first time.
First
Western
Financial
Corp.,
Uppermost with them, of course,
Here the salesman mas his work Franklin National Bank of • Long
is the public reaction to the reac- really cut out for him.
In any Isiand H. M. Harper, H. J. Heinz,
fionary stock market. As our in- other field, fading prices would Lease Plan International Corp.,
or
that they've been
limiting pur-
^
this
be a substantial aid to a salesman.
market, they are not scared—just
iutious.
But
they are shrewd
The reverse is true of the secunties field, especially in dealing
with tne public. At the same time,
there will be good opportunities
'for the salesman who knows how
to exploit such situations. After
all, market slumps have occurred
in other periods since World War
Tobacco, Schering Corp., Security
National
Bank
of
Long Island,
Technicolor, Trans-World Finan-
last
Securities'^ mutuaT funds
stewards
vestment
look
at
x
lough to realize that the lady in
S-juankum, N. J., is not likely to
sake the same shrewd analysis of
1 -e situation that they do.
After
<
3
31, this generation of investors
has pretty much lived with rising
?
«arketS'
elnL'Tcomaer!n0fi1omn0Sauar
to
from Squan-
ginning
hum
come
in
and
points north, south and
These
initial reports
are
west.
most encouraging ..They
investors
bought
worth
mutual
April.
bom
of
show that
$2.60
fund
million
shares
in
That's a gain of $25 million
April of 1961, but it's a long
way from
the nearly $289 million
vended
March of this year.
in
Arid
one
"§
» a
to
tlw fellow look?
n^tua funf to X tog
,
rn,.nt„
at lenct ohmild
nr
^^
cial
^ standout
™mAine^nvest&fentqcrrnw
Corp
fid
*
Tnvpstftr
of
the
Investment
shrank
from
mem-
common
stocks
selected for possibilities of growth
in income and capital
over
the years.
Company
billion
$23
$21.8 billion
by the end of April, but he knows
that stocks have been taking a
savage
beating.
And he knows
that in buying into a mutual fund,
he's acquiring
stake in
a
range of issues.
For
the
will
be
broad
X
watching
•
ISSW*
S /S i
alcn t0v!?16
mSquankum
no
The
excuses
external
selling
new
decline that
a
wilting prices in
continues to feed
are
*
the erosion
as
itself.
on
price earnings items,
high
overstressed for
so long, were
issues.
Polaroid,
at its peak sold- at a neat
100-times the average earnings of
the last three years, had lost al¬
was
the
suffering
which
half
most
of
inflated
its
peak
price.
The
perennial growth favorite,
Business
Machines,
at its best price had reached 607,
certainly destined, as far as Wall
Street talk was concerned, to reach
1000 eventually. But at that level
International
98-times
at
was
And
in
lost
177
the
the
average
three
last
years.
the
recent selling it had
points of its peak value.
■
A
Sad
been
as;
1961.
*.u
,
and
particu¬
the
run
same
beeil
obtained
$80.
Transitron
r;
its
under
shade
was
was
company
in
made
new
Mary Carter
in-
Paint,
insurance Co. of
-
America, Tip Top
'
^
-
Re¬
ra
shade
was
one
fo
under
the
of
electronics.
In
$60. This
week" its price tag fell under $9;
A.gainst the 30, 40 and 60 or
more
times
earnings
multiples
price tag
was
-
that hadJ
prevailed at the top for
the glamour issues, even the in¬
dustrial average at its peak was
than 23 times last year's
no-more
been de¬
to
where the ratio is
17-times.
Against
such
pressed
around
values, the
"yardstick"
ers
had
Products,- Gas Trunkline of Brit¬
out
run
high-fly-
International
reports
31
total
net
amounted
Kodak.
Growth
assets
to
on
It
eliminated " Arkansas-Louis-
yield basis, times-earn¬
ings ratio, or other yardstick will
stem
the
market's
decline
and
$11,155,-
$11.52
on
Chemical.
March 31, 1961.
Fidelity Fund reports for the
STOCK FUND,
*
Investing for long term growth
[possibilities in securities of companies]
in many
fields of scientific and
economic
development.
with
and
ended March 31
share
net
asset
$16.84, against
of
$18.60
value
at
the
Seal,
the
Chase
Manhattan
•
Elizabeth, New Jette?
Securities
Associa-
23, at
Edwin
J.
—
pnrm
AmonVan
Parutnl
™rm American Capital
Chemical.
ital Corporation has been formed
total
net
-at the
*
Trend
assets
end of
Fund
with offices at 3404* North Central
announces
$55 million
March quarter',
were
the
compared with
-
$3,890,000
a
year
indicate under 500 for
present
and that
a
business
background,
turn is imminent.
market
moves
Pre¬
with
of.' Smith, cfertainty, however, is still
Pearson
Barney & Cc5., is' in .charge of arrangements.
It elim-
Bank,
the
dicting
PHOENIX, Ariz .--American Cap-
*
Incorporated
Philadelphia
tion cm Wednesday, May
quarter the
Crown Cork &
Ohio
Oil
and
that
some
Food Fair Stores, Johns-Manville,
Mack Trucks and Rexall Drug &
Fidelity
has
than
a
Both
even
an
of
lush
more
these
rails
have
been hovering at prices that rep¬
resent
price-earnings
ratios
of
around
11
times
the
anticipated
results of this year.
utilities
Some
still
offer
good
yields,
particularly
since
their
prices have backed down from the
highs they posted when searching
investors decided that they were
slow, but steady "growth" issues
in their own right, and "growth"
of any kind was all that mattered.
One
offers
that
than
better
a
4% yield at recent levels, but isn't
noted
investors, is
Light. The
relative disinterest in this utility
that
Power
for
cyclical
&
years
its
of
source
of
pet
a?
as
Minnesota
important
an
revenue
iron-mining
the
was
in
industry
its home state.
Minnesota Power
Nevertheless,
strides in reducing this
has made
Last
dependence.
mining
shade
than
were
they provided
/the iron
only
a
of
fifth
a
where half
revenues
ago
year
revenues
more
a
total
dozen years
a
third of the
revenue.
The
growth
new
industrial
new
in
been
has
and
commercial
expanding
population, increased residential
service. Additional expansion in
these areas is anticipated in future
customers
with
and,
years-.
A
blue
chip
that had
company
its popularity when the food field
stressed,
being
was
Foods.
1959
Between
General
is
1961
and
the group was popular,
when
price
General
of
the
shares
Foods'
doubled, but since then there has
been a reaction that, to many a
fancier of the company, returns it
to the category of solid value once
more.
General
Foods
stands
reports,
out
as
a
giant in its field. It is capping off
a decade of better profits, higher
per-share earnings and increased
dividends which, on top of the
first major market reversal in the
price of the
shares in a long
while, points up its status as a
better bargain.
It
is
domestic
well
entrenched
in
the
other
corporate giants, is well aware of
the more rapid expansion going on
overseas.
In about two years it
market
and,' like
Conversely,
PHILADELPHIA, Pa.—Sidney A. the eventual end.
Cooper, President of Silo Discount there is a handful of market stu¬ added half a score of foreign com¬
Centers, Inc. will be guest speaker dents'already proclaiming that the panies stretching around the globe
at a luncheon meeting of The selling has been overdone against to step up its position in the over¬
end
latest
bought
Texas Gas Transmission.
Westminster at Parker
Phik. Sees. Ass'n
The Barclay Hotel.
Lockheed,
inated
a support level.
But there are
plenty of divergent views that
to Hear. project down to the 580 level, and
was
1961.
During
5Vs%.
as
as¬
At the close of the latest quarter
company
Hugh W. Long and Company
pe-
total net
of
$465,700,000,
compared
$449,700,000 a year earlier
$486,700,000 on Dec. 31, 1961.
per
the
item,
better
:
Bright Prospects
numbers game that is
new
at
of
price
To students of earnings
iana Gas, Lucky Friday Silver- start to build up the base for a
Lead Mines, Yale & Towne Man- new upward thrust. Agreement is
ufacturing,
Cessna
Aircraft, missing. Last year's low of 610
lier.
Asset
value
per
share Sheraton Corp. of America, Allied for the industrial average, only
amounted to $11.46 on March 31, Radio ; Corp.,Nopco
Chemical;5 around a score of points under re¬
$11.60 at the start of this year L'Aiglon
Apparel and Stauffer cent levels, is one favored target
sets
indicated
quality
a
available
in Santa Fe is
Divergent Market Views
Columbia;, Chesebrough-
The
man
Canadian
nod
GM's
yield as the general selling
put mild weight on it. The return
of bounds.
150, compared with $11,725,443 on
Jan. 1 and $11,947,561 a year ear-
DIVERSIFIED GROWTH
neglected
Ponds, International Minerals &
highly
efficient,
well-managed,
.lvt/JJUl U Chemical, Roadway Express, East- growing in popularity is figuring
highly competitive and expanding
out what
x
and
Nor¬
the
the
on
Norfolk,
at $*56
over.
shares could have
of the
hardest-hit
I960
a
share, by 1960
a
then
cently the
TPItP
T^linrlQ
T?^"nnvf"
J. llU/
U.1J.U.D
March
for
During the latest six-month pe- earnings,,and lately has
ri0d?the
ish
Fund
obtained
$5
and
,
April 30 totaled $83,420,increase
of
$13,184,298
during the past 12 months, according to Walter L. Morgan, • Presi-
section.
shares
been
is
Story
Electronics
-
ioi, :an
in
5%
glamour issues of past years
and the issues where the "growth"
Equity,
Fund en*
railroad
to
sources
the
Apr!
m market trends Qrkin Exterminating, Combined
DIVERSIFIED
stocks.
trigger
83%
*
Western
stock.
And
from
needed
earnings of
Wellington
these,
General Motors to
as
&
of
well-known
ders, support being virtually non¬
it
dent, in the semi-annual report to
ii ct
than the Wall
Street operator who
deals in puts and calls.
common
of
folk
such
existent:
Net worth at Mareh
*
,
assets
names
dearth
no
from
GM
l311*
$501,712, up from
$324,484 a year earlier,
Net
is
ranging
the face of only a few selling or¬
features quickly
the
in
There
yield at recent prices was around
5% and was, in part, accounted for
by trepidation over the effect of
Du Pont's disposal of 63 million
It continues to be
*
nf
Substantial Yields
has trimmed
now
points from their aver¬
age. The consensus is that it will
take
a; long
time to repair the
technical pattern to build up a
convincing
support
level
after
damage of that extent.
April, 1961, level and nearly 10%
vestments
A balanced investment
Jim
shareholders. ; At April 30 ' assetvalue per share was $.14.93, com*
monthly pared with $.16,78 on April 30,
the
sort ~ales. The lady
in bonds, preferred stocks and
6%
d
time to come, thereinvestment' community
some
fore,
a
purchase-and-sale statistics of the
INVESTMENT FUND, *
*
ni,rphase*
1961 Period.
STREETE
available in the banks and savings
institutions.
hundred
a
Waiter Corp
at the end of March to
Investing in
Co.
a n
a
the decline that
^ °^t °uAforLnately
^^
ab^u{
bers
«t
Gas
preferred
sag
this
week,
solid floor to stem
ground
under^nvhirSm^n^ de^'
^strate theirR?sfrSrkritv
Institute
INVESTORS,
Tropical
.
convertible
lower
probing'for
Reynolds
J.
R.
into
larly those that had jumped into
It
ohm
*nt Re
too
difficultported that Group Securities liq- the transistor development in its
to
uidations in4 April-were at a two- early,;; stages, had soared to en¬
thusiastic
price
peaks
that far
year low of $801>977more reflected future hopes than
onstrate their basic superiority—
#
*
*
a
any
present-day
reality, were
U wm Earnings
of Imperial Financial
prominent sufferers.
easy to reassure
Services for the nine-month Re¬
Texas Instruments,
which not
current conditions.
ricd ended March 31 were $72,878,
too many years back could have
He may not know that the com- against $69,599 for the comparable
bincd assets'of the 172 fund
FUNDAMENTAL
Corp.,
Industrial stocks continued to
ahead of the preceding month's
^b^m^cordin^ to Herbert R;
Anderson, President. He also re-
have done
record
permian
WALLACE
"-- A
latest
the
BY
$14.71
and
added Associated -Transport,
fund
The fading month of May will
tell us a great deal more about
the public's reaction to the recent
sinking spells amidst hectic trading. It was in mid-May, of course,
that a single session on the New
York Stock Exchange generated
turnover of nearly 6 million shares
and left the tape 34 minutes late
earlier
year
a
During
The spring
The Market... And You
the
to
million
any
an
in¬
exact* science.
The
more
market
letter
any more
thoughtful
men
have-
the
of
given
up
than rough stabs at pos¬
sible-targets and have taken to
concentrating,
on
demonstrated
Valuers where issues are selling at
12-to
15-times
President; Edward M. Stretton* is
Secretary and Treasurer.
and
business.
to
engage
in
F?ancls: ;.V.
a
securities
Nbcon
is
for this year,
bonds,
its
a
markets. The odds favor that
performance record, which
top-flight
on
into
is
is going to stretch
years ahead.
one,
the
Allied Stores,
anticipated profit
and those that offer
a yield
comparable to those of¬
fered by quality preferred stocks
Avenue
seas
and
even
to
those
which had some¬
earnings downtrend
giving it troubles, is a high-yield¬
ing item, the return nudging 5%
at recent price levels: For half a
dozen
years
its earnings were
fairly static, between $4.18 and
$5.05 a share, the latter recorded
in 1957. Last year reported results
slipped* to $3.7L but- in its last
fiscal year it was able'to report a
snapback to $4.55. All these rething
of
an
Volume 195
Number 6162
suits covered the $3 dividend by a
.
.
.
The Commercial and Financial Chronicle
000
NAIC Spring
good margin.
provement in the current
it concentrates
year
eliminating
on
into
move
Allied is
as
discount
the
Conference
field.
educational
The
National
vestment
Association
Clubs
will
Spring Conference
on
of, In¬
hold
niques
and
while
of
general public.
sticking to its basic concept
chain that develops regional
markets around the big-name city
a
strategy that also profits
population
shift
to
stores,
a
from
the"
suburban
static
The
areas.
.
.
.
the
Research,
Survey.
•
distributed
v
of
will
such
Evaluating
as:
Growth
To
Find Today's Best
- All
operations of
selling along with
transactions
be
known
Week"
"Investment
as
that
in
are
club
and
mission
■-
address
Alfred
Raws,
Thiokol
investors, is the largest group of
Robert O.
NAIC,
composed
of
scheduled
are:
Jr., Treasurer of
Corp.
ment
-
Elmer
—
Nelson
will
Phila.
Inv.
Hear
of
John A.
Barber, President of
over
and
programs
in other
Bailey
to
the
present
PSIC
and
topical
and
will
points
ment
corporation,
the Main Line.
be
guest
speak
Association
future
touch
"Blue
the
as
Route"
sell
of
&
Meeds,
is
in
v
I The views expressed in this article
not
necessarily at any time coin-'
those of the "Chronicle
They are presented as those of the
author only.]
c'de
with
Technical
Animations
Notes Offered'
Technical
fering
and
Animations, Inc. is of¬
of its
holders
the
class
B
class A
the
stocks
common
right to subscribe, at par, to $212,500
of
7%
convertible subordi¬
debenture
nated
due April
notes,
30, 1972, at the rate of $100 prin¬
cipal amount of the notes for each
280 shares held of record
1962.
The
p.m.,
New
offer
expires
Time,
York
May 15,
at 3:30'
June
4,
1962.
Bull
&
R. .Maher
Topik & Co.,
John
Low,
Associates
R.
and
Inc., New York City, are under¬
writing the offering.
.
Net proceeds
from the sale will
be used for repayment of loans;
expansion of manufacturing facil¬
ities and sales force;-enlargement
Of promotional
search
and
The
denced
activities; and
re¬
development.
rights to subscribe are evi¬
by 1 fully'
transferable
rights certificates. The offering is
the form of 2,125 units, each
consisting
of
$ 10 0
principal
in
of
amount
with
the
debenture" notes
transferable
warrants
to
purchase 14 shares of the class A
stock
common
period
exercisable
five
of
ranging from $2.50
$6.50 by May 1, 1967.
The
debenture
convertible
stock
into
the
at
of
rate
to
VOICES OVER A BEAM OF LIGHT.
using
will
A
be
common
$4
a
share
ington, N. Y., the company en¬
gineers, designs and manufactures
animated transparencies, sold un¬
der
the
registered trade mark,
"Technamations," and other spe¬
cialized training aids, displays, and
sales and advertising devices.
Unaudited
gross
sales for the
five months ended March 31, 1962,
amounted to $$244,877 and net in¬
come was $11,767.
Opens
■
>
■.
The
SAN
A.
FRANCISCO, Calif.—Mar¬
Gans is engaging in a se¬
business
curities
from
167 Crown Terrace.
with
viously
Co.
He
Sellgren
offices
was
at
pre¬
Miller
&
Inc.
■'
'V;;
/
■
improving
The zest for
discovery is
ful factor in the
your
a
kind of light beam that may some day transmit telephone-
v,
;'"/■
■>.
•
a power¬
in
are
organization,
and the
progress
in communications.
Today there
one
service would
vitality of the Bell
System and its far-reaching
surely cost
and
in
They
behalf of
the
is
of the Bell Laboratories that resulted
you more
a
program
that have
Electric, the manufacturing
supply unit of the Bell System.
fits not
to
of
research, manufacture and operations
come
discoveries
only to telephone
users
but
other businesses' and the
defense of the nation.
It
was
Miller
DIEGO,
is
Cormack
He
now
&
Calif.—Thomas
with
Evans
form in bold
known
Sellgren, Miller & Co., Inc.
BELL TELEPHONE
Owned
by
more
technological
that
are
adventuring along
un¬
paths by Bell Laboratories
scientists.
*
~
Telephone-research and develop¬
ment, which have brought so
many,
much to
have but touched the fringe
of still greater progress to come.
H.
Mac¬
Co., 2504 Fifth Ave¬
was
previously with
of the transistor,
biggest
The electronic "brains"
(Special to The Financial Chronicle)
SAN
the
capable of guiding missiles first took
so
the basic scientific research
of
advances of all time.
of
wholly
brought far-reaching bene¬
many
the invention;
one
ideas, principles and materials.
Out of it have
Telephone Companies and
vital factors in
in
new
research
Way
telephone
Bell
Telephone Laboratories.
are
day-to-day research for
communications
than four
Better
a
quality would be less.
Behind the
more
your
basic scientific research into
Bell
1'
System
thousand scientists and engineers at
Western
—
communications services and holding down cost
*
nue.
(or "laser") generates
Constant Search for
Without the close co-operation
With Evans MacCormack
'
maser
Research and organization of the Bell
conduct
(Special to The Financial Chronicle)
vin
series of optical maser developments at Bell Telephone Laboratories, this new model is a solid state
type
a
calls, TV and data. Could conceivably carry far more communications than any radio system. Also a remarkably precise tool for study of atomic processes.
through April 30, 1964, $5 through
April 30, 1966, and $7.50 a share
through April 30, 1972. ■
Headquartered in Port Wash¬
M. A. Gans
Latest in
ruby crystal and capable of continuous operation. The optical
a
subordi¬
notes
class
a
prices
share
a
convertible
7%
nated
over
at
years
SYSTEM
than two million Americans
of
other
con¬
through
charge
arrangements.
Friday,
is busy expanding and im¬
proving, the return has a definite
do
plans
on
that
appeal.
the
on
William Rebmann of Laird, Bis-
luncheon meeting of
on
in
similar
areas.
such
troversial
Philadelphia to be held
trans¬
municipal aspects of the program,
Bailey, executive director
Investment
develop
will
Passenger Service Improve¬
The
of
already
operations
existance
Mr.
Transportation
will
Club.
non-profit
a
management
portation
of the
a
Engineers
Corporation,
take
appear
Ass'n to
on
The
corporation, was set up by the
Mayor and City Council of Phila¬
delphia in the summer of 1960 to
P.O. Box 237, Miami 45, Fla.
man,
at
The Passenger Service Improve¬
Line
Further information may be ob¬
tained from: Lew Nachman, Chair¬
speaker at
Univis, Inc. ■W'G"1
its type in the world having 100,-
•
25
19
1317 Spruce Street.
with Mr. Kerns.
»V
operations
Chemical
May
buying
market
the convention
small
The
Value
Aerojet-General
agenda.
Among the speakers
to
•
City.
the
on
President,
U. Wright Kerns, Asst. Director,
Florida
Development -Com-
be
Securities We Like Best,
Stocks,
and Where
Buys.
subjects
on
Technics
there
Heinicke,
of
'
convention
seminars
<
Mayor Kenneth Oka of Miami
Beach has issued a proclamation
that the week of May 27th—June
Club
earn¬
material
Kurt
Heinicke Instrument Corp.
B. Smith, Asst. Director
Frank
women
.
2nd
ings and dividend record of recent
years
eliminates
the
"growth"
aspect from the company's history,
but for income from a giant chain
and
During the two day discussions
at
shifts
men
members.
to
retailing organizations, cur- r
2nd, 1962, at the Seville Hotel,
rently busy expanding its opera¬ Miami
Beach, Fla. This is the first
tions in a variety of ways. Some
time such
a
meeting has been
units
have
been
closed, others held anywhere in the South and
converted
to
discount
centers, the program is designed to
bring
others perked up with new tech¬
information on securities to the
management
Dr.
accumu¬
their
June 1st and
ing
and
have
belonging to the association have
gained this position through the
un¬
of the nation's lead¬
one
who
than $97 million worth
more
of securities." The
profitable stores and consolidating
its
members
lated
The company forecast is for im¬
t
(2455)
of
The Commercial and Financial Chronicle
.
.
Thursday, May 24, 1962
.
v(2456)
20
has
NEWS ABOUT
in
deposits
$30,000,000
over
BANK AND INSURANCE
eight offices.
A
He succeeds Arthur A. Atherton
Mr. Palframan had
Vice-President and general
who resigned.
been
BANKS AND BANKERS
Consolidations
Branches
New
•
New Officers, etc.
•
had been Presi¬
Mr. Palframan
■
.
joined the
First National
Donald B. Macurda has
of
Division
Trust
Vice-
Bank, New York as a
City
.
Automated equipment
Bank's data center, 67
using
Customers
each
ceive
CROCKER
Miami, Fla., from 1958 until join-
The
a payroll
deductions and
totals and a statement of
President
of
for each employee. Informarequired for Social Security
reports
is
provided
quarterly.
banking
with the Royal Bank of Canada,
prepared
Rosenau Brothers
IT-2102
forms
tax
are
in
started
career
largest bank in San Francisco and the fifth largest in California,
most of the problems of merger are well behind
it, and expansion
this point on is well planned.
"
1930
Although the
nouncement
checking accounts
with Manufacturers Hanover can
credited directly to
checks are
issued for all other employees for
have their pay
their accounts. Payroll
William G. Gridley
Donald B. Macurda
search Department.
the Bank
Mr. Macurda came to
Co. where
he served from 1955 to 1962, befrom F. S. Smithers &
general partner in 1957.
previous five years he
had been with The First Boston
coming
•,
,
Marcurda
Mr.
President a d
York Society
is
director of The New
of
Inc., Vicethe
of Security
Analysts,
Security
Federation
Analysts.
of
promotion
Comptroller
to
Comptroller and of Wil¬
Gridley ffomvAssistant
Deputy
G.
liam
Pinkus
Elliott
A.
Assistant
from
the
announced
also
Vice-President
Vice-President.
to
Gridley has been in charge
the Park Avenue-46th Street
Mr.
of
™state
from
$3 938 580
consisting
shar^s Q|
the par value
440 rnnsist.of $10 each, to $5,251,440
consist
.
f 525,144 shares of the same
Qf 393>858
oaph
nf
°
jus 951
fn
,
Par value*
.
nffVoor" irf°s
v^e rTl°^M:Tnh
?
branches
David A. Bowers was appointed
Assistant Treasurer of The Bowery
Bank'
be in charge
National
First
Bank,
City
New
York, May 22 announced the ap-
pointments of R. Loren Biggs and
West
Jack
of the Economics and
Statistics Department.
^
and
Panama
in
activities
Canal
Mr.
and
the
and
Panama
Zone,
in
West
Colombia and Ecuador. They pre-
viously held the title of Manager.
*
*
The
Brooklyn, N. Y. has announced the
election of William A. Shea to the
„
Tril„tpp_
f
Board 0± T™Stef
& A *
Syosset Branch of First Na¬
City
Bank,
New
York
Located
posite
this
business,
for
Jericho
on
the
is
F.
21.
Turnpike
op-
fourth Nassau
Bank's
County Branch.
Yens
May
Syosset Hospital,
new
the
Meadow
Bank,
National
I Brook
West* Hempstead,
Vice-President
Larsen
N.
Y.,
Thomas
and
W.
*
*
Valley
Manager of the branch. A citibanker
for over 35 years, he comes to
Syosset from the Bank's People's
Trust Branch in Brooklyn.
Mr.
Manager of the Katonah
joined the administrative
of the auditing department
office,
staff
in White Plains. Walter J. Doden-
specialist
the
at
branch.
Manufacturers
%
introduced
roll
York
May 21
on
-
automated pay-
new
a
plan for
Trust
Hanover
New
Company,
Designed to meet any type of
payroll—fixed salary, hourly rate
or
combination—the plan eliminates virtually all internal pay-
^
Cashier
g
\'t
The
Bank of Virginia, Richmond, Va.
The
Bank's
y
diitipc
"
thus
E.
AT
McNeill,
turers Hanover
plan
j
Jr.,
other
,
payroll
,
investment
.
in
"to
provide
without
.
..
,
specialized
ment."
delPhia> is the nation's leading
manufacturer-ofrt^1^ " giris.
dresses ana sportswear ior p^d
Its
products
its
in
the
state.
current
stock offerings
so numerous
to dilute
as
CROCKER
received
by the com-
wil1 be aPPlied toward par-
VanV
on
over the past few years have not
earnings. From the period 1957-1961
earnings increased approximately 50%, or 11% each year. On a
per share basis, due to dilution, earnings have increased approxi¬
mately 9% each year—a favorable record for a bank.
under the "Cinderella" trade mark
Proceeds
$1.40
-
ANGLO
Year
AAA
67.8% of the total out-
standing.
Tank
of
Madison
E.
516
Street, Goshen, Ind., is engaged
principally in
the
manufacture
and sale, under the Starcraft and
Seamaid trade names, of a broad
nne 0f aluminum and fiberglass
Sales are also
private trade names.
extent, the company
manufactures
farm
equipment,
boats.
made
under
To
lesser
a
particularly
hog
feeders
,
and
f
.
increases
,
Funds
*
*
stock
Company,
office
York
505
firm
City.
nark
of
$142,973
7.3
elected
to
The
new
,
Directors
1,686,757
127,922
7.6
15,813
1,656,680
125,258
7.6
13,229
1958
7.7
11,578
T_
Tr.
.
,
__
L- Huffines, Jr., Thomas C.
Darst, Jr., R. L. Langdon,' Dr.
Joseph Alpert, A. A. Shuford and
Albert Shuger.
*
*
Fahnestock
President of Bank of New Mexico,
41.9
47.0
117,833
1,388,878
-.:104,07a
7.5
11,034
4,840
43.9
1,369,257
103,066
7.5
11,140
3,580
32.1
*
*
5,142
'
44.4
s
*
NEWS
BRIEFS
The Treasury reports that the gold stock declined on
May 16,
1962 to $16,435 billion. This represents a decline of
$30 million
since the previous week. So far for 1962, the supply has been
reduced $455 million as compared to $364 million in the same
period of 1961. The present U. S. gold stock is at the lowest level
since August of 1939. Obviously, the monetary authorities will
have to take some steps to cease the flow,
and, at the present
time, lower interest rates
seem
incompatible with stopping this
flow.
Within the past few weeks, the Federal Reserve Board has
turned down the application by the Chase Manhattan Bank and
the Chemical Bank to acquire banks on Long Island.
Also, the
application of the Morgan Guaranty Trust Co. to have a state¬
wide holding company has been denied.
This indicates, for the
moment, that branching or extension through merger is becoming
increasingly difficult—particularly in large money areas. On the
other hand, the Federal Reserve Board
approved the application
of the Whitney National Bank in New Orleans to form a
holding
banks
in order to
may
be
more
move into another Parish. Possibly. county
successful in endeavors to expand over the
next few years.
,
Rochester, N. Y.
ROCHESTER, N. Y.—Fahnestock
& Co. has announced the opening
of a branch office at 123 East
Avenue, under the management
of Victor D. Strivings. Mr. Strivings was formerly local manager
Darlington
Hill,
&
Grimm,
at
51
Opens Branch
Cambon
Corning, Directors, it has been
announced by W. Nicholas Thorndike, President of the Boston-
based
Mutual Fund.
Mr. Coolidge is Chairman of
Board of National Research
Drive-Park
a
Director of Coca Cola Com¬
pany,
Crucible Steel Company of
and
America,
James F. Ryan,
M
o
i
Mr.
Corning,
Turben
&
Ohio, and
for,
John
of
Robert
is
who
He
is
Co.,
was
P.
A.
also
Ivest, Inc.,
r\rr*
Hornblower&Weeks Office
the management
Reynolds.
Wis. — Francoeur
Company has opened a branch
office at 3228 West Morgan Street
under the management of Donald
Bartz.
The
firm
branch
in
of Frank
of the
a
Inc.,
a
opened
at
under
102
direction
the
Templeton.
BANK
a
Inc.,
February
offices
are
Street, Boston, Mass.
Bought—Sold—Quoted
of
and distribu¬
Fund.
Fund's main
State
STOCKS
Boston.
Vice-President
in
and
INSURANCE
Cleveland,
at
Laird. BrssELL & Meeds
Members New York Sioek
Members'American
120
Stock
Exchange
Exchange
BROADWAY, NEW YORK 5, N. X.
Telephone:
Bell
BArclay
Teletype NY
a
North
Vice-
1961,
Ivest Fund, Inc., is a diversified,
open-end investment company of
the management type.
The
also
Com¬
security analyst
Chase,
managers
Organized
One
has
Neenah
Commercial
Company and other corporations.
tors
xir
Chemical
Nopco
&
Pepperell j Manufacturing
pany,,
_
Merced under the management of
1T
the
Corp.,
MILWAUKEE,
President of the Fund, previously
had been associated with Merrill
FRANCISCO, Calif.—Birr &
Co., Inc. has opened a branch of¬
fice
Francoeur Branches
E.
®f„
United California Bank San a new branch office at 639 Third
Francisco, Calif, has been elected Avenue, New York City, under
Albuquerque,,New Mexico, which
6,633
6,2221
1,526,989
Fund,
Inc.,
has
elected
William A. Coolidge and Nathan
Branch in
J* M. Palframan, Vice-President Hornblower & Weeks have opened
equip-
'
•
%
as
Earnings
49.4
-
1957
Ivest
to
.
$8,127
1956
I vest Fund Elects
-'"'v-aA
Birr
,
Dividends
of
Declared
New
SAN
EdwaJVd J?1rock, Victor Muscat,
4
Earnings
$16,457
1959___
a'.(v:v
-n;
the
are:
Cash
Dividends
Operating
Irving
Avenue
stock-:The entire Rochester staff, of the
Guaranty Bank & Trust latter Hrm will become associated
Chicago, 111., eight new with Fahnestock & Co.
were
Net
as
Company in their uptown
at
v
Bank's Board of Directors.
„
Exchange
Weis &
special meeting of the
Directors
22x
ecutive> has joined the New York
for
*
Funds
% of Depos.
1960—L
company
and direct mail advertisinS ex"
the
to
P/E Ratio
$2.30
BANK GROWTH
Capital
.
Excl. Resrves
Deposits
,.
The stock is being sold for the
star
NATIONAL
Capital
A. G. Becker & Co.* Inc., Chicago,
and associates; are offering pub-
or
BANK
15)62 Earnings*
2.70
(in thousands)
196U__ $1,953,841
<•
Yield
Estimated.
End
v'AA
NATIONAL
Dividend
57%:- 50%
CROCKER
^
v:
ANGLO
15)62 Range
52 '/a
*
SfRT Tailk & BOUt
,
-
Price
«al repayment of an outstanding
;
Co. Stock Sold
earnings in 1962 due to
savings deposits. Although the earnings
price the stock is high relative to many bank
stocks. However, the long-term deposit growth in California should
augur well for the Crocker. Although the capital position is not
been
primarily
sold
are
r.:'A'vA-^
lower
Crocker
overly strong,
their
processing
customers
.
.
Manufac-
President, said the
initiated
was
automated
our
for
*
„
R.
freed
a
holders of
procedures for the customer.
Operating and bookkeeping perare
addition
surplus
$4,350,000 and
with its capital account of $2,650,000—-representing 132,500 shares
with a par value of $20 per share
—raises capital and surplus accounts to a new total of $7,000,000.
roll
sonnel
The company whose address is'
Fox St., and Roberts Ave., Phila-
With Irving Weis
^tea Assistant Cashierjit lfte
an¬
same
At
Bert E. Askern, former newsman
At
..
.
higher rate paid
the
institutions
An+UnnJ
its commercial
customers.
Zuckerman,
to replace Mr. Janos in Tarrytown.
n
recent
a
for the first quarter were $0.56 versus $0.65 for
period of 1961, the percentage decline was less than that
for other major California banks. This is due to the
relatively
smaller percentage of time deposits as compared to some of the
other major banks. At the year-end 1961, time deposits were 42%
of the total as compared to almost 50% for some of the other
Co., New York City. Of
the total, 150,000 shares were sold
for the company/and 100,000 for
certain stockholders.
bo^V1.oved from chief clerk at waterers.
the Citizens office in White Plains
ant. Andrew Hermann is the chief
*
of
the
Smith &
of the Bank's Tarrytown office, to
become
officer
in
charge
of
Katonah and John P. Mertens, pleasure
*
*
* v"
Directors of The Ohio Citizens
Trust Company, Toledo, Ohio, at
Larsen is assisted by Charles J'.- their
regular meeting May 16
Stamm, Assistant Manager; and authorized the addition of $350,000
Henry A. Kramer, official assist- to the Bank's surplus account,
loan
the
Public offering of 250,000 common
shares of Rosenau Brothers, Inc.,
at $10 per share, is being made by
shares,
*
The County Trust Company, White
Plains, N. Y. announced the advancement of Paul J. Janos, Assistant
Treasurer
and
former
assistant to the officer in charge
of
Stream has been appointed
personal
'
^
Campbell, International Depart- controlling family of shareholders
ment, to Assistant Vice-President, who will continue to own 473,099
,
,.
,OKnnnn
:,A .AA AA.-'" A'/'V;
*
former
*
tional
opened
Bank,
Savings
Brooklyn
East
resident Vice-Pres-
as
Colombia,
respectively, and William Adams
as Manager of the Bogota branch,
Mr. Biggs supervises the Bank's
in
ident
He will
New York
based,
to lend the institution the assets of broad represen¬
areas
in the U. S.
,
Francisco
tation and broad banking services.
California banks
have shown
promoted Gerald S. Kessler, Busi- licly 225,000 shares of this firm's
ness Development Department, to
common stock at $14.50 per share.
*
*
*
,
San
extension
This plan is made with the thought of moving into diverse
years.
OfTPT*Pfl
WUIllIllUli UilClCU
through over 10,000 retail outlets
#
#
m
.
joined the
1953. He
since
Bank in 1937 and has served as an
p
a ttan
of
its capital
.
branch
ap¬
increase
to
York
Savings
Bank
The
Av
received
Y.
F°vg
President elect and Director of
National
A,
*
proval on May 11, from the Bank-
a
Corporation.
N.
York,
New
%
and Trust Company,
Trade Bank
the
For
-A::
$
that
into Southern California is
distinct possibility. Also announced were plans which will pro¬
vide approximately 10 new branches each year over the next few
(;nrn TT1 flTl
Burnham & Co., and
distribution by the employer.
Re¬
Investment
the
in
President
Crocker is
indicates
a
economic
maintain
who
100 offices
over
from
annually.
Commercial customer employees
acquired, and at present,
maintained in the state—extending from Santa Barbara to the
Eureka area in Northern California. Although this is the third
of Miami, Fla.; and VicePresident of People's First National Bank of Pittsburgh, Pa. His
tion
BANK
are
Bank
pay
ANGLO NATIONAL
small banks have been
National
First
the
-
Crocker-Anglo National Bank results from the merger of
two major San Francisco banks in 1956. Since that date nine other
been Vice-
jje previously had
re-
period
pay
register listing all
net pay
plan
the
dent of the Bank of Dade County,
the jng the United California Bank
®t., organization Oct. 1, 1959.
payroll details.
processes the
'j
at
Bank Stocks
—
San Francisco.
Revised Capitalizations
•
This Week
supervisor of UCB's North¬
District,
headquartered
in
credit
ern
7-3500
1-1248-49
Sptcialists in Bank Stocks
Volume
Number 6162
195
...
The Commercial and Financial
Chronicle
public
COMMENTARY...
the
responsibilities,"
Justification
sion?
If
you
business,
BY
M.
LEFKOE
R.
of
are
your
in
your
what is
profes-
the securities
function
primary
and
responsibility is to enable
your company s clients
to make
a
profit. You are also largely
responsible
for
helping
these
-
—
:
(2457)
irresponsible
companies
raise the money they need for the
from
the
standpoint of market
expansion and modernization of
interest, the
savings
and
loan of the country with the highest their plants and equipment. But,
holding companies nave another standard of living the world has if they are branded as dirty profit
claim to fame—the market price ever experienced is able to pub- chasers, are you then not as guilty
more
securities
their.
of
ment has taken over the past few
decades—steps which have finally
led to the day when the President
they are not one of
important
industries
Although
the
has
licly
declined
considerably more than the DowJones
Industrials-during recent
months despite an aggregate inol%
of
crease
in
.fii^t quarter
jf
clients
which
will
not
be
think more highly of
profession than the implied
condemnation leveled at
making
a
profit
"in
is
ruthless
your
disregard of their (management's)
terference is
by
you
responsibility
to
study
the
growth and spread of government
are
D
««
.
PASADENA
&
you who might be
with
the
savings
companies
manner
and
and
TWac
Rntnn
qtn/1 KS
^^ana^lnf
management
in the First Pasadena
Building
under
Gf Robert
L
the
Suit
p
•
.
Aaeorgetown Inv.
D\
C.—Stephen
M. Glazier is engaging in
a secu-
p'1 streetW° un'der^the' fhm
name
its
,
gohasonen?d
WASHINGTON,
holding
a
Kotan, lvlosle Uriice
,
nesses.
terference
oc-
ignore
can
not affected in such
economy lacking profitable busi-
For those of
isolated
an
you
by finding other industries which
security analysts, brokers, in¬
or
businessmen
in
an
loan
not
which
currence
vestors,
ycu
the market price of their
on
securities, remember that such in-
ex-
cessively harmed by government
action — but in order to protect
your own profession from extvnction. When the day comes that
efficiency and profits are outlawed completely, your profession
will be the first to go. There are
no
effect
0f'Georgetown
Company.
Investment
■
.
—
NO TWO ALIKE:
—
Every single human being is
_____
original. Each
an
differently...
sees
uncertainty engendered by
have
large
thinks
persuaded increasingly
numbers
investors
their
savings and loan indus¬
for the welfare and
try and search for other, more
"reliable," industries.
Thus, de¬
spite rising earnings and compara¬
tively good prospects for the bal¬
of the year,
differently...is unique in talent and ability. Under the
vidual abilities flourish. The
analysts and
holdings
of
shift
to
the
ance
their pursuit
our economy and
slowly—but surely—
destroying America. It is your
responsibility, .not only in order
to help you do a better job
picking
those
securities
for
your
how it is
If, according to our government, our President, then it becomes concerned about government in-
various threats of government ac¬
from
in
of profit?
Profits Are Essential
Industrial Average.
tion
f°r helping them
industrialists
your
curious
for this paradox, the answer is
simple — these companies have
been threatened by more different
kinds of government intervention
than the majority of the compa¬
nies
comprising the Dow-Jones
The
the
who have provided that standard
of living—and get away with it.
>
?seto the0 re^on
mTghT be
blackmail
same
intervention in
see
21
selling
pressure
,
advantage of
develop his
is unlimited.
only 17
In
own
years, we
of freedom, indi¬
society is that it nurtures this diversity
happiness of all. As long
the incentive-to
■
our
sun
as
each of
us
has the freedom-and
particular talents to the highest degree,
have brought natural
gas
our
future
by pipeline to distributing
has driven the securities of many
these
of
for
to
companies
systems serving 24 states with 118 million people. Given opportunity and incentive under
lows
new
the year.
Federal
Only the Beginning
this
If
the
were
end
of
regulation fair to all,
we
will continue to improve and enlarge
our
-
service.
the
story, one might be tempted to
shrug and dismiss the issue as one
many times before.
How¬
ever, this is not the end of the •
story—it is only the beginning—
since there are few, if any at all,:T;
of other "reliable" companies or -
heard
•industries, left to turn to: The time
is
fast
here
approaching—if
already—when the most cru\
factor determining the earn'-"',rA
cial
ings and market price of
rity-., will
be
As
member
a
business,-or
a
the
view
profit
the
of
-
of /..j.
'• v
securities
private
a
a company
as
secu¬
a
influence
intervention.
government
you
>
>
is> not
it
-
investor, Vlwhich makes
"good," and
loses money as "bad."
one which
The stand¬
ard
used" by President- Kennedy
and: his advisors is—the "public
welfare"
-
which, as ihterpreted
by them, usually means that a
company making a profit is not
acting in
accordance with
the
"public welfare," and is, therefore,
;
—
"bad."
Analyst's Job
It
is
functioni of
the
analyst
or
security
a
broker to find securi¬
ties-whose
market
price
is
low
relative to other securities,
on
reasonable
tions.
earnings
based
expecta¬
His
client, the investor, is / "
interested in knowing about these
,
securities
with the
so
he
can
invest in them
hope of making
a profit.
mind, it is a frightening commentary on the state :;of
our culture when the Presrdent
".the' United States- crie^ thafh
attempt to make*-'-profit
•
.
With this in
•
•
■creasing prices- is;"a./wholly,
justifiable
fiance
'
of
Ifthe
un-
irresponsible depublic interest." -
and
the
policies
of
-
management
necessary to make a profit are hr■
1
"defiance of the-public interest";
and if such action implies "utter
•:;•
contempt for the interests of 135
million
Americans,"
the broker,
analyst,
vestor—are even
the
'*
you
and
more
—
the
the
in¬
"evil" than
"tiny handful of«steel, exqeu-
tives
whose
-power
Hseiise
and
....
pursuitof; ^rivate.r.
profit
exceeds
their
'
public ■» responsibilityV*4 You are the people who attempt
to profit from the actions taken
by
these! same "irresponsible"
managements.
If
'of
you
nation
rebel
against
necessarily
this
dam¬
implied
by
President Kennedy's denunciation
of
the. steel
weeks
ago,
should
give
the
numerous
companies
several,
then
perhaps- you
greater thought to
steps
our
TENNESSEE
FROM
NATURAL
HEADQUARTERS:
GAS
HOUSTON, TEXAS
TENNECO CORPORATION
•
AND
•
Oil
GAS
DIVISION: TENNESSEE GAS PIPELINE COMPANY
TENNECO OIL COMPANY
TRANSMISSION
HEAT, POWER, PETROCHEMICALS THAT
•
•
SUBSIDIARIES: MIDWESTERN GAS TRANSMISSION COMPANY
TENNECO CHEMICAL COMPANY
•
TENNESSEE LIFE INSURANCE COMPANY
OOMRANV
EVER WIDER
MEAN
•
•
AFFILIATE:
SERVICE TO
MAN
EAST TENNESSEE NATURAL GAS COMPANY
PETRO-TEX CHEMICAL CORPORATION
govern-
I
I
The Commercial and Financial Chronicle
22
47 V->, the range
approximating 53-42.
The yield
based on the current
dividend rate of $1.50 is 3.2%> and
the price-earnings ratio based on
estimated 1962 earnings approxi¬
short-term
mates 20.
Treasury
around
recently
this
PUBLIC UTILITY
SECURITIES
BY OWEN
ELY
Continued from page
Named Director
sometimes
how¬
and it should, therefore, be
6,346 miles
from North Central Texas and the
Texas Gulf
Coast. The pipelines
of
network
supply about 70% of the gas needs
of trie Chicago metropolitan area
wholesale to
3C utilities distributing gas in 614
communities in seven midwestern
and
also
gas
serve
about
requirements,
states. The system produces
31% of its own gas
mainly through the wholly-owned
Production,
and buys 89% at an average cost
of about 15 cents per mcf. Of the
1961
gas
revenues,
year-round
firm gas service
provided 57%,
off-peak and interruptible 5%,
subsidiary
Texoma
38%.
and wholesale
interests
Production
136.570
producing
include
acres
and
producing acres,
in the Panhandle field,
and 17,500 net acres in the Gulf
of
Mexico which are
being de¬
152,537
mainly
non
veloped.
-
Production
Texamo
of Directors at
stadt
joined F.
and
became
he
was
Gas now has gas
available to it under long-term
contracts
(plus owned reserves)
a
Vice-Presi-
Regarding system reserves of
the picture has improved
in
the last three
Peoples
of
about
or
year supply for
requirements of a little over one-
trillion
half
cf
per
F.
A. W.
&
&
Inc.,
Distributors,
a
wholly-
running
which manages
owned subsidiary,
contracts, and purchases
tariff
arrangements
with
under
other
business
a
S. L. Sutton Office
minus factor is
of
Peoples
Kansas,
Gas and
.
as
result
a
this
of
increase
rate
I
■"
'■
V/V
i
■
of Natu¬
earnings last year showed a return
Pipeline. Authorization
Calif. Investors Add
of
7.0%
on
book value of net;
of the FPC will be sought soon to
property
compared
with
only LOSANGELES, Calif .—Jerry
combine
the
storage
company
5.4% in 1958.
Mann and Belton W. Johnson, Jr.
with Natural Gas Pipeline, result¬
The system is in relatively good have been added to the staff of
ing in greater flexibility both as
to
operation and financing. shape so far as pipeline rates are California Investors, 3544 Olympic
concerned. In the past three years Boulevard, members of the Pa¬
Peoples Gas is trying to develop
Natural Gas Pipeline negotiated cific Coast Stock Exchange.
new storage
facilities in addition
three
separate agreements with
to
Herscher, which will be re¬
its customer companies covering
W. G. Nielsen Branch /
quired to handle the growing gas
ral
Gas
space
heating business which has
about
a
25%
the years—revenues
have increased from $34 million
growth
1932
over
to
$103
million
in
1952,
in
increases
rate
March
ioad factor.
Peoples Gas has enjoyed rapid
in
;
effect
between
1, 1955 and Feb. 28, 1961;
negotiating a settle¬
which has been concurred
and it is now
ment
by
its
30-customer
utilities
covering
the
rate
increase
of
in
MONTROSE,
&
sen
Calif.—W. G. Niel¬
has opened a
Inc.
Co.,
office
branch
Avenue
Honolulu
direction of
2420
at
the
under
Ross E. Mattison.
million which became
and in another year
or so may
New Bache Branch
effective March 1, 1961. Assum¬
approach
$300
million.
These
ing that a satisfactory settlement PALO ALTO, Calif.—Bache & Co.
gams reflected the opening up of
is reached and that approval by has opened a branch office at 477
new gas supplies, the earlier con¬
the FPC is forthcoming, the only University
Avenue under the
version from manufactured gas to
matters with respect to
current management of J. R. Leong.
natural, and the conversion from
rates left for Commission adjudi¬
ccal or oil to gas heating in more
cation
will be the use of con¬
recent years. Opening up of new
Atlas Inv. of Texas
solidated tax rates in determining
supplies is still continuing. Sys¬
ccst of service for
rate-making BELLAIRE, Texas—Atlas Invest¬
tem peak-day delivery capacity in
purposes
and
the
question of ments of Texas, Inc. is conducting
1958 was 1.8 billion cf and is cur¬
normalization,
or
flowthrough, a securities business from offices
rently 2.4 billion cf., an increase
at 4515 Holt Street. Officers are
with respect to liberalized depre¬
of 34%' over the three years. The
ciation. Natural Gas Pipeline has Marciana Kui Chang, President;
company has pending before the
provided reservations of net in¬ Ray A. Baldwin, Vice-President;
and
Tun
Yin
Chang, Secretary
come
more than adequate for its
about
$3
and Treasurer.
rate settlements.
Facts about
The
industrial
opportunities
in the .area
we serve
loans
bank
6%0
in
tion
Utah
Capital Consultants Opens
(Special to The Financial Chronicle)
of March 31, 1962),
as
preferred
common
—
no
stock
stock, and
42%)
equity. Construc¬
requirements of about $40
in 1962 will be handled
million
Idaho
through internal funds and bank
loans.
No
equity financing ap¬
Colorado
likely for some time. '
pears
Wyoming
The
earnings
common
UTAH
Write for FREE COPY
899, Dept. K
Salt Lake
City 10, Utah
Inquiries held in strict confidence.
SLIGHT
CO.
record on the
reflected un¬
has
interrupted yearly increases from
Box
POWER
stcck
$1.07 in 1952 tri $2.25 for 1961 and
an
estimated $2.40
(Standard &
Poor's) in 1962. This year's gain
{jdatr
securities business from offices at
Wilshire Boulevard.
6505
J.
Officers
Robert
Cole,
President;
David H.
Weiss, Vice-President;
Frederick L. Hennings, Treasurer;
and Edward N. McCully, Secre¬
are
tary.
Mr.
Cole
Vice-President
ment
was
formerly
First
of
a
Invest¬
than
of
This
In
brief,
conducive to
But
suppose
and
The
only
this is
policy tomor¬
restrict credit.
functioning
as
there has been
no
Reserve
restriction.
to
have
peaks
stock
from
months
nineteen
modal
The
come
later,
to
a
Plus Factor
to the trade cycle.
Business grounded in early 1958
and began a cyclical upturn that
was
suspended or paralyzed be¬
tween July, 1959 and March, 1981
due to the inventory distortions
as
pies
in 1958.
Gas
has
been
selling
.
growing out of the steel trouble. If
you will check the quarterly gross
national product figure through¬
out the period of suspension, you
will find that, if you eliminate in¬
ventory changes by business, the
remaining total, termed by econo¬
mists the "end product," advanced
single quarter except
phenomenon is not the
every
That
one.
mark of
a
business recession, even
though, for statistical convenience,
some are labeling it as such.
This
the
S.
U.
tional
imbalance
over
been
of errors on both sides,
nevertheless, most upsetting
capitalistic confidence.
but,
to
I do not see that
an
chology is holding back the type
World
that
imbalance was
corrected by early 1981 and the
cyclical
up .urn
resumed.
Tt is
inventory
supported
by
abundant
credit; rising government expendi¬
tures
Federal, state and local:
advancing personal income and
the psychologi¬
be given other than
unfavorable
rating. At
the
same time, this cloud is not with¬
out a silver lining. Lowered psy¬
cal factor can
causes
goods and services.
our
interna-,
tragedy
lowed
keep
of
the concern
gold. More immediately has
the steel price explosion, a
payments and
for
The
war,
gated, but, about then, Russia be¬
gan to loom up as a menace to
peace. That depressant is still with
us. Also, the country is now start¬
ing to worry
as
to when the
so-called secondary postwar re¬
cession will arrive. Then, there is
of
product,
the
of
close
in mind, rep¬
resents the aggregate of all con¬
sumer, government, business noninventory and net foreign spending
end
way,
whose views were
given publicity, except the late Dr.
Slichter,
of Harvard,
and Mr.
Paradiso, of the Commerce De¬
partment, looked for a postwar
depression. By 1949, the country
was
partially convinced that the
depression had been circumnavi¬
of eleven to
twelve months later. So, let's put
credit on the favorable side.
Now,
It is
psychology
psychology?
a
the
At
1946.
expectancy
Trade Also Cited as a
In
about everyone
market
one
;
has been at a lowered level since
ease
with
about
What
depressed.
instance where
policy from
as
Unfavorable
ahead
Federal
belt-tightening
Psychological Factor Rated
advancing stock market peaked
of the initial reversal in
an
the
of
the
and possibly to mid-1963 or be¬
yond. Let's give trade a plus.
peacetime body,
a
speculative
business
caused
,
the
both
in
excess,
the
or
markets,
primary
War
I.
actuate
a
and
that
fol¬
While
the
depressions
secondary
either
that
depression
always complex, the primary
are
factor
in
the
was
the
1920-21
speculative
depression
overbidding
for basic commodities by
business;
primary factor in the 1929-33
the
—
Form Forster, Morson
ners
Pec
and
the past
and profit margins better as
result
steel
interregnum,
earnings are showing improve¬
ment,- as are dividends. Tenta¬
tively, I would place the business
upturn
as
running
for ( some
months yet; certainly to late 1962,
beginning of the 'Twenties, when
Federal Reserve first started
rate decision
cold
"super-boom," the better is
of enduring. In any
a
chance
the
tion
to
re¬
movement fails to deveiop
during
make to
back to the
offices
due
be¬
a
being
Company, Inc.
Violence
ing
can
that, if you go
prospering.
event, with sales volumes climb¬
to
I
its
on
seems
its
answer
moderately,
effect
its
the Federal Reserve
starts
row
ratio
little
much the better.
into
is concerned.
the credit factor is
expansion and specu¬
changes
of
covery
lation. At this point, one may say:
Board
had
gets violence. As long as the
So
the present market
as
pro¬
consumer
far, the recovery has been at
mild rate, rather than vigorous.
a
long-range
a
by the
So
due
Morson Co. has been formed with
largely
chance
threat
than of immediate import, so far
more-
of
excess
inter¬
some
of the gain
decade occurred as
the result of the favorable Illinois
probably
over
a.
Calif. — Capital
Consultants, Inc. is engaging in a
balance
being taken
are
in
item
is
the
Common
Market,
where, subject always to cyclical
ups and down, a healthy expan¬
sion in trade is under way. To
thej
degree that
our
neighbors
are
prosperous,
we
have
a
better
improving
business outlays for
plant and equipment. In connec¬
is
weather,
l*_
LOS ANGELES,
liabilities,
note
settlement.
national
in
of
capitalization
Peoples Gas is conservative
52%
long-term
debt
(with
system
and
adverse
our
has
but
that the central
carry
against their
must
banks
rate
a
ing/inventory
the gold ratio
in
to
use
the
at
direction. The second constructive
mild downtrend
a
dislocation, the
segment of the economy to more
spending for services rather than
goods may have raised the spend¬
of loan expansion. The only
source
U. S.,
steel
duction. The shift
ments, a possible second potential
deposit
the
down
invest¬
bank
in
total
1959-60
spending line has continued to
gain on the inventory line, sug¬
$3-to-$4
billion
1,550 trillion cf
(in the
Canada and Mexico) within DENVER, Colo.—S. L. Sutton &
economic distance of system pipe¬ Co. has opened a branch office in
lines, company officials do not an¬ the First National Bank Building
is
ticipate any difficulties in obtain¬ under the management of Otto A.
also the utility customers
the
billion of loan
Another facet of the
credit picture -is the
$10
easy
.
for
cept
peak of
would
permit
boom
spending and its in¬
indicates
that
started to gain on in¬
during the last quarter
succeeding months, ex¬
a sidewise
drift during
ventories
expansion.
Saborsky.
ing needed supplies.
•
i
The
company's
direct
retails* ■:
Nebraska and New Mexico. Thus
rates in Chicago are regulated by
Now Block Investment
lar,
Texamo's discoveries
have
the Illinois Commerce Commission
about equaled in value its expen¬
BUFFALO,
N.
Y.—Richard L.;
which in 1958 allowed the com¬
Block is now conducting his in¬
ditures. Another subsidiary, Natu¬
pany a return of 5.85% on a fair vestment business from offices in
ral
Gas Storage Co.
of Illinois,
value rate base, without requiring
the Ellicott Square Building un¬
stores
gas
underground
near
flowthrough of tax savings from der the firm name of Block In¬
Herscher
and
Sullivan, Illinois,
liberalized depreciation. Probably
vestment Co.
;
for
spending
extent witnessed near the
another
nation's
of 1957. In
bor¬
banks.
by
in
ventory 1 position
about the usual
member banks to
in
Colorado,
to
central
borrowing
bank
Central
around
recourse
the
from
rowing
Palm Beach Inv. Branch
loans by
without
billion
also interested in various reserves
Oklahoma,
million.
$400
above
at
increase
to
COLUMBUS, Miss—A branch of-;
pipeline companies.
fice has been opened
by Palm
The
company's
proj ected Beach Investment Co., Inc. at 315
growth indicates a need to pur¬ Main Street under the manage¬
chase nearly 13 trillion cf of gas
ment of William M. Prince.
during the next decade. However,
with
estimated
gas
reserves
of
about
free
This will allow the member banks
The the investments of Chemical Fund,
Inc.
and
distributes its
shares
through investment dealers.
annum.
the
gesting that goods
net
importance,
of the member banks are
reserves
supply comes from the
company's own production, re¬
serves dedicated under long-term
present
chief
Of
things
inventories. A comparison of
and
the result of this policy?
Eberstadt
other
the relationship between spending
System had to carry against de¬
posits. So, today's policy may be
termed one of ease. What has been
Co., Managers
about a 19present market
reserves,
proven
of
rate.
the member banks of the
reserves
and
t
n
e
Eberstadt
feet,
cubic
trillion
10
d
by way of a
discount
the
two
are
look that deserve mention. One is
rates were
eased, the discount rate was fur¬
ther lowered, and two reductions
were
made in the percentage of
elected
director
There
Subsequently, margin
a
considerably
in
reduction
&
1955
in
Co.
restriction
most construc¬
is
connection with the business out¬
some
Re¬
policy
reversed its two-year
credit
of
allowances
tive.
Federal
the
ago,
years
serve
gas
years:
two
Eber¬
Eberstadt
tion
Conducive
Held
Speculation
of now? In June of 1960,
as
shareowners.
Mr.
expenditures
as they are
expected to be over the months
ahead. Also, the recent govern¬
ment promise, effective this year,
of
a
$114 billion tax saving to
business through larger deprecia¬
What is Federal Reserve policy
special
meeting of
a
partner in
1958. In 1959,
transport gas
Fipeline Company,
To
obscure,
criterion.
a
as
Situation
Credit
Board
Fund's
FPC
three
requests to
expand
Chicago, with
annual revenues of $261 million, pipeline deliverability by 168 mil¬
lion cf, as well as an increase in
is botn an operating and holding
storage of
156 million cf. The
company, and together with its
three pipeline projects would in¬
subsidiaries is a fully integrated
volve construction of expenditures
system. The company itself sup¬
of about $37 million while ex¬
plies modified natural gas to the
City of Chicago. Its subsidiaries, penditures and the storage proj¬
ects might
approximate $9 mil¬
Natural Gas Pipeline Company of
America
arid
Chicago
District lion, during 1962-63.
of
Gas
factor
such
when
steadily rising,
were
as
financing,
excluded
a
Thursday, May 24, 1962
.
curred
3
developments, such
this
ever,
WILMINGTON, Del.—Andrew W.
Eberstadt was elected to Chemical
Peoples Gas, Light & Coke Company
over
.
Stock Market Outlook
year
make
Peoples
.
(2458)
BROOKLYN,
at
gage in a
are
10
N.
Y.
Plaza
—
Forster,
Street
to
en¬
securities business. Part¬
Maxwell
Jcsef Morson.
Forster
and
with
Federal
Government
expenditures, it is cf interest that
post-World War II
downswing in business
no
cyclical
has
oc¬
depression, the speculative over¬
bidding for common shares
by
investors.
Let
view
that
1
me
now
recapitulate.
As I
the;economy, and for reasons
I have stated, I feel that the
«j
a"1
#^
' t"'"fui^WWft ,"[»#*(talttji
v^T.
Volume
for
months
some
business
6162
Number
195
ahead,
Psychology, on
the other hand must be placed on
the debit side of the ledger. What
light,
then,
does
the
technical
backgrourid throw on the stock
market?
Various
Technical
.
The Commercial and Financial Chronicle
.
As to the
is the
so
picture.
Examines
.
decade
been
under way
call
,bond
was
that
pessimistic
explanation.
abnormal
re¬
from four de¬
have gradually
that
structure.
force
One
is
on
the
the
price
knowledge
that inflation has been under way
in this country and that its causes
have pot yet been removed. These
causes
the
are
in
ances
the
with
a
in
corner
commodity. I asked him if jther.e
much difficulty in putting up
price of wheat.'He replied:
"No
problem at all." Then he
added,
getting
"The
trouble
comes
rid of the corpse." I
not
the
from
their
yond its significance.;As a nation
credited
the
exerted
the nation and magnified well be¬
of the nation's
one
perennial
Federal
imbal¬
budget, be¬
ginning with the initial unbalanc¬
ing in 1931, and the extent to
of
opinion,
stockmarket's
the
1946-49
has
as
?in
secular
base,
I
mark
the end
of the present
ular upmovement.
When
Secular
the
When
the
of
degree
premium
on
the
dends
the
divi¬
and
the
role
government has assumed in
com¬
batting depressions and thus the
of
stability that
company
finances and earnings
have
achieved. Third,
increased
depreciation
charges
have
bol¬
the
dividend
and
,
pay-out.
benefited
Fourth,
as
Thomas W. Phelps pointed out in
a
recent
article
the
in
got
under
with reduced reliance by corpqrations on equities for their financ¬
ing.
In
the
other
better
supply.
words, demand for
is
exceeding
if,
even
common
question
f
yet,
.
Michigan,
-.1
,
the
turnover
the
of
in
offering of >125,056 shares
rof Seaway Food Town,
Inc., .at
$11.50 per share is being made by
McDonald &
more
the
stockholders.
selling
The company
of 1514 S. Detroit
St„ Toledo, Ohio, operates 14 food
of the
stores,
most
supermarket type,
which
of
Toledo
area.
in the
are
nection,
the
since 1949. In this
seen
it will
secular
greater
1929
be
Authorized
income
we
of
in
by
1946,
In
"s t o c
k
'consists
of
common
no-par
PHILADELPHIA, Pa.—The Stock
Clearing Corporation, a subsidiary
Of
the
Philadelphia - Baltimore
three
general observations
regarding the stock market. First,* .Stock Exchange, will offer mem¬
the market should never be taken
ber firms a computer service, for
as
a
pat
affair.
When
World back-office
accounting
through
War II broke out, the Dow indus¬
.the data \processing facilities of
trial average had a violent "ad-,
The Service Bureau Corporation,
War
of 23%.
When
the
Korean
a
subsidiary of IBM"!
out, it had a violent
14%. Again, during the
proaches that have
ket
market effect of
an
estimated
of
stocks
common
tional
from
institu¬
sources.
Several
other
technical
ap¬
a fair degree
reliability can be consulted.
is the position of ;the oddTotter. At near an important mar¬
ket top, he generally buys stocks
declined.
*
(One
over
a
ratio
of
for
several-week
about
10
or
period
in
a
shares
more
Gives Achilles Heel Label to
Mutual
Second, as
1929, I think
F'tjnds
look
we
all
we
back - on
appreciate
eight shares sold. That
phenomenon
has
not
occurred
that the Achilles heel of that
within the past two years. Again,
the
market, during the postwar
common
period, has normally peaked some
cards started
16
each
to
18 months
after commercial
rates have turned
paper
mercial
paper
moving
Finally,
up
is
up.
Com¬
have
been
are
that
I
to
under
distribution
or
months.
10
designed
whether stocks
lation
only
index
an
which
rates
for
carry
show
accumu¬
indicates
that
ket
was
the
tremendous ,'debt on
stocks, combined
with
When the house of
falling, there was no
stopping it, since each wave of
liquidation triggered a succeeding
The
wave.
lic
has
invested in
These
the
funds
shown the usual
the
of
dis¬
Readjustment
I
as I view the matter,
market, while under¬
going a leisurely and healthy re¬
adjustment to the overpricing of
the so-called glamour issues, was
third
of
suddenly
"Seventeen
hit by the steel price
There
has
followed
a
psychological
curred
in
spasm,
such
as
oc¬
1950, when the Korean
in 1955, when the
War broke out;
President of the United States had
heart attack; and in 1957, when
Russia succes:fu,lly launched the
a
sputnik.
This
flutter,
as
the
English wculi term it, is out of
joint with the credit and trade
backgrounds. It is my conclusion,
therefore, on the various consider¬
ations I have advanced, that What
we
are
portant
secondary
primary
run
its
witnersing
sv/ing
is
setback
that
has
course.
im¬
an
in
not
or
another,
from
away
stock and commences
self-liquidating
should
-brief,
upset.
turn
redemption process, the na¬
again will be faced with an
stock
In
the
at
stock
market.
;
,
to
funds.
public. If the
one reason
common
automatic,
Market
the
to
mutual
of the
decides
ever
the
tion
Steel Crisis Upset Slow Stock
heel
redeemable
are
instance
public, for
evidence
Achilles
present market, as I see it, is the
$23 billion or more that the pub¬
yet
to
by
Roy Rife Joins
the
the
deep
my
story
South
presenting the members
family to the Governor of
was
State.
the
they
are
The
Governor
boys, -eh?" I
all
said;
suppose
Democrats?"
farmer
The
replied, "All but one.
got to reading." Of course, if
are
Democrat,
a
you
can
Westheimer Co.
story about a little. In any
event, I think too many Ameri¬
cans
are
reading .business
and
stock market trends. As
tration,
the
circulation
Wall
has
one
Street
gone
illus¬
Journal
from -29,000
in
1940 to
nearly 800,000 now.
Cobbett, the English pamphleteer,
defined capital as suspicion asleep.
As
investors,
we
for trouble
mihor
tremor,
month decline in
serve's
index
all
are
of
every
one-
the Federal Re¬
production .in
sponsible for_them
changes in
Kennedy
Ad¬
under
expected
code
our revenue
consideration
might
ministration
been
tax bill
might
upset interna-
be
tional
destroying the free world's
V
Sen. Carl T. Curtis
the
on
Senate
into
law.
It
the
now
have
would
virtually impossible to repatri¬
these
investments
without
econ¬
Any such attempt would be
welcomed by ,the
Soviet Union
omy.
May 10
a
enacted
ate
tax
Floor, the
and its satellites.
"It
is
tion's proposals is that they repre¬
extremely difficult," the
concluded, "on'the basis
of the present record to accept the
premise
that
there
would
he
sent
greater equity in the allocation of
with
least
that
;
to
respect
the
complete
a
be
can
Senator
stated
Administra¬
departure
from
tax
all previous
and in my
where
income
no
has
recommendations
stroy
limitation,
the
taxation
provided over the years
the negotiation of tax
through
treaties?"
Senator
Curtis
con¬
tinued, "We
in
can take satisfaction
leadership
the
United
the
,
(Special to The Financial Chronicle)
DENVER, Colo.
Yamamoto
formed
vCo.,
with'
Building, to
tax treaties which have eliminated
ties
the
taxation' and
contributed
expansion of world trade,
investment and
commerce.
Tech¬
nically, the Administration's pro¬
posal avoids the specific inhibi¬
tions of the treaties by taxing the
U. S. shareholder
foreign
Administra¬
Yamamoto Opens
States has provided in developing
double
the
Gorby, Sherr,
de¬
double
on
if
been
by the taxpayer.
istration's
burdens
tion's proposals were enacted into
law."
"Will enactment of the Admin¬
rather than the
B.
Gorby, Sherr,
Inc.
has
been
—
offices
in
in
engage
business.
Officers
the
a
are
Ross
securi¬
Harry
Gorby, President; Charles
- P r esid e n t, and
Wendt, Vice
Tadashi T. Yamamoto,
Treasurer. All
Schmidt,
of
which
were
Secretaryformerly with
Sharp, McCabe & Co.,
Mr.
Gorby/was sales
manager.
corporation
cannot be taxed. But it is
-
heimer. and Company, 322
Walnut
CANADIAN
Street, members of the New -York
and Cincinnati Stock Exchanges.
Mr.
Rife, who has been in the in¬
Common Stocks
vestment business for many years,
was
G.
formerly general manager for
Musekamp & Co.
Prior
H.
On Which
local manager for
thereto, Re
.was
Bache & Co.
EDITION
1962
CINCINNATI, Ohio—Roy E. Rife
has become associated with West¬
CASH
CONSECUTIVE
DIVIDENDS
Have Been Paid From
Form Victor
J.
Victor
Dishy Assoc.
Dishy
formed
been
Associates,
with
5 to 133 Years
Inc.
offices
at
501 Fifth
Avenue, New York City,
in a securities business.
Officers
are
Victor
J.
Dishy,
President; and Frederick Nack,
Secretary
and
Treasurer.
Mr.
Dishy was formerly proprietor of
—
28
PAGE
BOOKLET
—
to engage
Investors in America Co.
COST OF THESE BOOKLETS
1
Forms
Georgetown In v.
three-line imprint
is included without extra cost.
P
business from offices at 3235
N. W.t under the firm
Georgetown Investment
Co. Mr. Glazier was formerly with
Street,
name
of
Balogh
&
&
Co.
and
Grant,
100
or
more,
a
on
the front
;
WASHINGTON, D. C. — Stephen
M. Glazier is conducting a securi¬
ties
15 cents each
up
On orders of
_
25 cents each
199
to
200
cover
Jones
Commercial &
Wm.
B. Dana
Financial Chronicle
25 Park Place, New York 7,
Please
enter
Canadian
•'
Co., Publishers
our
order
Common
N. Y.
for
Stocks
with
Copies of booklet on
accompanying dividend
tables.
,
Co.
Firm Name
J. N. Durkin
on' the
and, now,
such as the
the world if the managements re¬
the
(Special to The Financial Chronicle)
you
This
to further¬
"
;
He
change
committed
-«'
has
introduce
telling
in
farmer
of his
alert
a
point
the
who
like
been
itself, which
Donald
E.
Hoffman, formerly
possible, with Hersh Eatherton &
Associ¬
vides a similar service for baclyparticularly
against
the
back¬
ates, has joined the new firm's
office
accounting to brokers in
ground of the worlwide uniform¬
staff.
Dallas, Detroit, and New York.
ity-of national tax systems in not
so taxing such undistributed prof¬
With Westheimer Co.
its to the shareholders, that for¬
eign / governments
Ohio — Norris
F.
would
raise COLUMBUS,
: v..
■
<- (ir
objections on grounds of comity Kreuger is now with Westheimer
and violation in spirit."
6z company, 31 East Gay Street.
thin margins.
heavy
accumulation
took
place in late 1960 and, again over
recent
weeks.
It
has
not
yet
tribution.
mar¬
have
warned
to
broke
»of
the
$4 billion of net annual purchases
Europe.
standpoint of equity,
it is improbable these funds would
"From the
(Rep.Neb.) recently
den
Computer Service I
three
concluding, I should like to
vance
in Western
concepts of taxation,
judgment, it appears
inequitable to impose a tax bur¬
Processing will be done daily
drop of
on
a
high-speed IBM 1401 com¬
first half of 1959, with steel ne¬
puter ip The Service Bureau Corgotiations dominating the busi¬
'potation's Philadelphia data proc¬
ness picture, the market advanced.
essing
center.
Called
EASI
During the opening months of
(Electronic Accounting
for
the
1962, with steel negotiations again
Industry); SBC pro¬
the dominant influence, the mar¬ ^Securities
have made due allowance Tor,
we
impor¬
ing the economic development of
received
years.
make
the
T.
"The
Phila.-Balt. S. E.
of stock market deflation;
that ending in 1937, by five years;
ending
noted
omy — .a major contribution in
halting the spread of Communism
Nebraska Senator declared:
years
that
Sena-
In
con¬
that
ending in
movement
United
Carl
address
of
shares,
which 415,674 are-outstanding.
1,000,060
followed by about three
was
the
treaties.
ended
net sales of
recalled
be
Senator
vitalization of the European econ¬
are
parent
o r
the year
For
Dec. 30, 1961 it had
$26,999,562
and
net
much
than ^anything
severe
have
any
Curtis
on
will
downturn
a
of
the earn¬ tance of U. S. investments abroad
American-owned * through
the
postwar
years
in
abroad,
before these- "furthering the rehabilitation and
States,
t
Go.,-Cleveland. Pro¬
ceeds from the sale will go to
This
shares
and
era
an
by
equity
income
as
any
company" or
stockholders
$339,364, against $20,009,247 and
leading Exchanges. It will be:
$310,977, -respectively,: in
1960,
end
the
The
remitted ..to
Town, Inc.
though .the
of
of
international tax treaties.
our
.
1949
way.
even
castigates Administration's proposal to tax foreign
Finds plan contains inequities, marks an about-face in our
principles, and imperils
Challenging
plan to tax
.
be evident in the
may
structure,
followed
Atlantic
Monthly,
there
has
been
the
sharp rise in institutional demand
for
common
stocks,
coincident
121,
Detroit,
subsidiary
earnings "
greater
than that
since
far
so
increased
our
extensive
"Federation,
1962.
ings
Federal Reserve has done much to
that has tended to place a greater
earnings
May
arrives,
modify this danger, and should
be registered
in a substantially
equities
have proved
of the best and readiest media
protection. The second factor
Analysts
Curtis
tax
*An address by -Mr. Collins before the
;15th Annual Convention of The "Financial
a
speculation
witnessed
Arrives
Peak
inflation,
one
flow
Senator
earnings.
Public
secular peak
it should be marked by
advance
cash
-more
a
sec¬
-
debt
stered
makes .for
question if its termination will
speculation
element
This
erratic market.
yet
by Washington in labor's favor in
greater
.view.
the
Furthermore,
Endangered by
investors, we are, to our dis¬
advantage, letting the short view
take
precedence over the long
trend
that
23
of
am
its dealings with management. No
one
wins an inflation, but, under
is
Tax Treaties
concerns
been
passed.
unless
the- slow
tempo of the present primary ad¬
vance is to be greatly quickened,
corpse
which the cards have been stacked
of
more
re¬
leading wheat speculators. He
but I believe it is subject to other
velopments
'Twenties
or
I. .had
since 1949, I
the
luncheon with
yields
favors
bonds,
and
price-earnings ratios on stocks are
relatively high. This is not bullish,
seemingly
lationships result
in
that
is registered in 800,000
seismographs throughout
January,
mas
tnac
the
Yields on stocks are relatively
low, the spread between stock and
These
decade-to-
or
was
Aspects
than
secular,
upmovtment
(2459)
Opens
Address
—
—
SAN
DIEGO, Calif. — James N.
Durkin is engaging in a securities
business
from
offices
Cajon Boulevard.
at
2223
El
By
.1.
Date
———
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K&jL
■
W
M
•&8S: SISS: : : : :
2
Sg:;:;:
»st-S
Volume
195
Number 6162
.
.
The Commercial
.
not
Recovery and Interest Rates
and
distorting
influence
economy.
Today
has
inventory
its
passed
and
moment it has declined
brunt
the
of
at
mand
bit. The
a
adjustment
is
whose
industry, where
operations have dropped from a
peak of 82% of capacity to a re¬
greater
than
cent level
in
tered in the steel
of around
60%.
I
itself
out
that
of
con¬
is
much
all
other
in the economy put to¬
gether. The most volatile element
groups
be¬
lieve this adjustment in steel will
work
spending
consumption
durable
is
goods
spending
autos
on
—
its
to
and
I
by
again
in
this
cyclical
be
said
of
imports.
period.
try
what
And
ernment
expenditures?
have
we
can
upswing.
experienced a marked
If one takes spending at
government
crease
first
from
levels,
first
the
quarter
of
to
be
behind
it
will
the
same
it's
circumstances
much
of
further
a
There
could
ture
be
for
demand
services
and
and
living
of
far
look
wish
I
in
swing
I
that
could
horizon
the
on
before
building
the
of
many
Many
the
over
past
this
felt
improvement
to
any
marked
demand
onlyv
not
for
im¬
an
portant segment of American in¬
dustry,
but even more signifi¬
cantly, it serves as an index of
the
dynamic
quality
of
our
economy —
of its potential for
growth and progress. It
is no
that
secret
been
the
United
has
States
lagging in its capital spend¬
ing.
In spite of a better picture
reported recently
by
McGrawHill, total capital outlays planned
for
will
1962
little
be
than
more
in
1957—$38 billion vs. $37 bil¬
lion.
Indeed, if one allows for
price changes, the actual volume
of
plant and equipment put in
place today is smaller than that
five
years
In the meantime,
ago.
capital spending? That is the most
critical
of
questions now
con¬
fronting
us,
response
to
period of greater stability, par¬
ticularly if we can avoid any
years.
(and
two
serious setback in the economy as
lie
the squeeze
in
Lag
That
it
the outlook
and
an
adequate
holds the key to
the next several
over
Certainly two basic factors
in
that
interrelated)
are
profits, and
structure,
which
bears
unduly heavily on
investment. We know that capital
spending is tied closely to profits.
Not only are retained earnings a
major source of funds, but profits
on
in the government's tax
whole.
a
Spending
Business
.
new
with
the
year—with
familiar
are
record
spending
the
degree. In the meantime, it seems
possible that housing
construc¬
tion may at least be entering a
up¬
housing. Unfortunately, the prom¬
ise
doesn't
seem
to
be
there.
the
itself
makes
I
that
sharp
in
lining
less-than-bright out¬
the low
years
the shape
say
a
silver
Such
ness.
forms
25
household
formation expenditures by government at all
levels have risen by no less than
probably has been passed, and
improvement is in prospect during $43 bililon, or by about 40%.
How do we explain this lag in
the sixties. But it may be several
new
on
The
lies in the fact that
on
a
influence
established
being
this
point
things in the immediate future.
saw
fully satisfied. But
never
is
thus
importance.
One is an
of
prime
significance:
great
decisive
a
other goods that make for a better
us.
number.
nection with them may well have
is.
improved,
are
fewer
plant and
third relates to
our foreign trade and the balance
of payments. These are all critical
areas, and what happens in con¬
Certainly
the sale of appliances and furni¬
1962 was about $11
Moreover, the total is still
rising. Yet looking down the road,
it also is clear that the major ad¬
soon
the
see
consumption.
quarter
will
and
to
case
holds
Areas
nothing
by business on
equipment; and
All this is not to say that there
is no room for further growth in
billion.
vance
In
to
for,
hold
to
vigorous today than was
through much of the
fifties. The most pressing needs
have been met and new house¬
namely, construction of new hous¬
ing. A second involves spending
push coming from that direction.
in¬
1961
aimed
work
hard
both the Federal and the state and
local
had
take
gov-!
Here too level.
said
have
industry
indus¬
That is what the
less
the
concerning several economic areas
by and large has' cently have been running at an
force and it is hardly annual rate in excess of 7 million
be a potent source of new cars, including about 350,000
expansion
is
falls
it
around
accumulation
likely
Critical
Three
autumn, and household goods.
As suggested
that
output will
then
improve already, the auto industry is en¬
somewhat. But even so, inventory joying a banner
year.
Sales re¬
spent
upward on
on
,
of
considerably short of
the total in 1959.
The truth is
that the demand for new housing
and
the economy as
a
whole. Indeed, the uncertainty
that now exists, and one of the
major problems which undoubt¬
edly has bothered the stock mar¬
ket, is whether such a spark actu¬
ally can be struck.
expansion.
sumer,
will
that
sharp rebound since then.
we can safely count
on
believe
private non-farm dwell¬
ings for 1962 adding up to about
1.3 million units. That is a bit
better than 1961
but not much,
set off this de¬
give the next
will
that
—
push
considerably less influence
overall
That brings us next to the
cen¬
pockets. The riddle and the prob¬
lem is just where to look for the
starts
starts
housing
new
of
1961, the drop be¬
November and February,
and the
I
in
much
tween
spark
on
the
rise
over
made
possible by further expansion in
employment and income which
acts to put money into consumer
should
exert
accumulation
peak,
is
It
self-generating.
Federal
outlays in particular
begin leveling off after
mid-year. Government will then
the
on
the
the fulfillment of such demands is
Prospects for Business
Continued from page 1
(2461)
and Financial Chronicle
brings
to
an
area
which in some respects is the most
difficult and troublesome of all:
me
namely, capital spending by busi-
themselves
incentive
the
are
investment.
added
mention
that
I
need
in
profits
for
only
1961
no
than matched the volume in
more
1955. Over the course_of the
share
the
^
tional
of
profits
income
fifties
the
in
almost
was
na¬
cut
in
half.
the
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solve the troublesome
problem
Finally, such a
questions about the
of unemployment.
trend
year
raises
1963 and beyond. For in the
Continued
on
page
26
20
The Commercial and Financial
(2462)
seen,
hardly be called buoy¬
can
it
is
not
surprising
that
.
.
.
Thursday, May 24, 1862
SECURITY SALESMAN'S
ant. Given all these circumstances
Prospects for Business
Chronicle
yields
have fallen.
Recovery and Interest Rates
CORNER
Why Yields May Increase
But where do
we
from here?
go
BY
DUTTON
JOHN
That is the key question,
25
Continued from page
leveling of the ^economy
has often proved to be the preluae
tor
a
cyclical
downturn.
Concern on the part of investors
that we may be heading in such
a
direction is one of the factors
that has.affected the stock market.
past
.
;
a
and the
one which I know interests you.
I must confess that it is extremely
private foreign investment.
The
normal way to finance such expenditures
is
through
earning
foreign exchange by running a
surplus of exports over imports,
While
achieved
have
we
such
difficult to return
answer
an
Mutual Funds Are Not Stocks
with
degree of certainty.
It does
not seem to me, however, that the
any
There is
recent
a
drop in bond yields is likely to carry much further if at all.
fairly sizable one)
it still has not been great enougn -Indeed,..there is evidence over the
to cover all our foreign commit- past several weeks of a ^tendency
Certainly such a possibility can
not be ruled out. Much in the end ments, so in effect we have been for yields to level out, and as the,
year progresses it is -possible we
will depend on how strong capi- paying part tof .these in gold.
This is hot a procedure that-can could ^ee so;ne upward reaction.
tal spending finally turns out to
be. If such spending should con¬ go on forever. Moreover, the posi- The
Treasury must carry out
financing in -the second
tinue upward in first half 1963, Hon of the United States is,fur- heavy
•
i
t
activity generally. That is
our
hope, but at this stage we can
not say with certainty that such
the past .decade foreign cen-
over
banks
tral
ever
Strength
the
At
useful
time, I believe it's
recognize that
the
teristics
of
in
excess
which
in
deep
that I feel
some
ourselves
hpin^ marip
nrnPTp^s
to
past
has
downturns in business
activity. Thus inventories in most
industries
today
are
relatively
moderate. It seems unlikely that
steep and prolonged decline in
.general business would be trig¬
gered by a cutback in inventory
buying. Capital outlays also are
moderate, as we have seen. More¬
over,
financial institutions hold
ample funds for investment and
Interest
rates
are
not
high.
buying from that
But
correct
orat"on
Finally,
more
possess
consumers
liquid assets than ever before. All
fthese factors add up to a plus in
rthe business picture and at least
.afford the economy considerable
•strength of
defensive character.
a
The
ready availability of loan¬
funds, along with the pres¬
of interest rates, are the
•result in part of policies pursued
able
ent level
the
by
c
Federal
Reserve
the
and
Treasury. It's important to under¬
stand these policies, for they have
a
bearing not -only on business
generally, but more specifically
the outlook for interest rates.
on
Actually,
two
considerations
have had a primary influence on
monetary
policy over the
past
year and
still do today. One of
these
has
domestic
been
the
state
of
the
I have just
outlined it, and the other has been
economy
as
balance of payments
our
The
absence
of
position.
inflationary
continuing
large
un¬
employment, and the existence of
considerable excess capacity—all
pressure,
have induced the Federal Reserve
to
keep
money
fairly
easy.
Throughout this entire period of
expansion the banking system lias
held
excess
reserves
and
borrow¬
ing from the Federal Reserve has
been
negligible.
Such ,a policy
has been designed to make money
readily available and to keep in¬
terest
rates
(long-term
particular) from rising.
Balance
At the
of
Payments
same
of
<the
the picture:
deficit
ance
in
in
the monetary
been highly con¬
second
element
in
namely, the persistent
our
international
of payments.
bal¬
Because of this
deficit, they have
also
sought
to
keep short-term rates from falling
too low, and in this way to en¬
courage liquid funds to remain in
the United States and not to flow
abroad.
This
payments
has
in
our
come
balance
to
have
of
a
bearing not only
but
cies
a
on
as
most
many
well.
on interest rates
other important poli¬
It has proved to be
troublesome
and
intract¬
able problem and deserves atten¬
tion from all of us.
The basic dif¬
ficulty stems from the very large
extraordinary expenditures which
the
United
port of its
and
on
States
makes
in
sup¬
military bases
foreign aid, as well as on
overseas
i
likely to
£io« IS l/nnSthe
our own
me
successful, organized mutual funds
They were noth¬
ing
seem
in
the
nffine
Tf
They originated in Scot¬
England where investors
new.
land and
still have
type of business picture which
aDDpars
any
in this country.
particularly with
—
accompany
investment program if it is to be
ou? balance of nayl
l don? foreseT
in
such a development does not
foreign
nnrtc
Anrt
ports.
And
sales abroad of
ask
you
hn«:inP9<?
he
is
some
common
sense.
If
Englishman how much
an
worth, he'll say, "So many
a year."
He refers to the
pounds
-then the reSult COuld be
licked; nor do I think it will be in
the immediate future. It hangs over
our
heads like
cles.
Theiie is
of Damo-
sword
a
^
Frfntv
Move
vision,
v
the
period
ahead
then
is
for
moderate ^business advance, posintere,st rates- sibly accompanied by a modest
foresee .this as a recovery, in bond yields, but no
over
months;
yet the problem is so touchy ..hat
one must
continue to keep an eye
coming
lift
great
terest
^
in the structure
rates
seems
as
to
whole.
a
me
circumstances
.i
that
Bond jYieJds Leveling Out
the
At the spme
time, it
seems
to
yields is apt
he
receives.
may
downward pressure
tinue to be exerted
me
the
Jn rates on intermediate
long-term obligations. Since
year-end, |the return on municipal
any other country .in the world
except Switzerland. This is_a fac-
bonds
^balance of payments
position, and on this score alone
has
fallen ;about
tor which complicates and
one-half
percent; yields on corporate new
issues
ha,ve
declined
about
40
basis points, and those
it
would
be
best for
the
have begun to soften.
I should point out that several
the
Federal
Reserve
and
evening
In December the Federal
Reserve raised the maximum rates
strength of
a
with
of the
many
up
their
on
profits
in
on
a
the
stock
market
from
T>;•♦"?■.■:'(
'f* '.v
:
and
all
over
their children
an
confronted
also with
a
seri,
nant
factor
ip
in
ithe
recent
Moreover, it is no news to bankers that
bgnks have become more
active
in
|he mortgage
All
this
when
the
has
come
demand
market,
at
for
a
time
on
funds
is
pressing than had been anticipated.
pemand for loans from
banks has not been-as
strong as
expected, corporate
running behind a
new
new
year
housing activity,
as
issues
ago,
we
are
and
have
According to Otis M. Healy, who
has been named resident manager
of
the
:
new
branch,
the
new
facility
will
serve
Westwood,
Brentwood, Bel Air, and West Los
Angeles.
We still have
what
some
work,
the
the
effort
ex¬
misnamed
In my humble
of
the
pur¬
depend
believe
the
upon
salesman
difference
a
and
little
a
income,
are
protection
mutual
funds
at
that
will
in¬
an
big gambler
a
guy who only wants
of what he earns at
10%
save
between
soeculator,
the rate of $25 or more a month.
' Stocks are good for some people,
stocks
some
are
people and
some
better
some
for
better
for
some
mutual funds
are
people, but you
are not going to stop the Ameri¬
can
public from investing in a
good thing after they find out is
it
available.
while
to
It
get
has
this
taken
story
A mutual
not
a
stock
a
or
bond
long
a
across—
simply stated,
fund
or
is
mort¬
a
gage—IT
IS
A
SUPERVISED,
REGULATED INVESTMENT
PROGRAM,
A
DESIGNED
SPECIFIC
OVER
A
TO
DO
INVESTMENT JOB
PERIOD
OF
OF
YEARS
THE
BEST
MANAGE¬
Forms Hansen Co.
(Special to The Financial Chronicle)
dubi¬
a
as
opin¬
of the first things a secu¬
should understand
one
the
vestor,
to
lot to learn about
a
have
we
"education."
limb when they retire
a
buying
LOS
ANGELES, Calif—James M.
Hansen and
with
Co. has
offices
at
been
1314
formed
West
Wood
give them, and which they hope
will accomplish these
purposes. It
Boulevard to continue the invest¬
ment
business
is
sen.
Officers
one
also
another
custom
for
care
salesmen
shire Boulevard,
70%
social security
LOS ANGELES, Calif.—Dean Witte.~ & Co. has leased space for a
less
education
thing for- the government
to cry out—"let's
help the poor,
the aged, the
suffering," and it is
^
save
the
and
MENT.
eliminated
And
ground floor of the new $9 milKirkeby Center, 10889 Wil-
with
has
ncc*
lion
should
TO
New Uean Witter Utfice
western Los> Angeles office on the
/
he
ITS
take
wtul
that
and then finally get him to
do it and you've earned your com¬
mission—and" "it" should be com¬
ABILITY
they
f
'
,
An address by Mr. Wilson before the
Mortgage Conference, Mortgage
Bankers Association, New
York .City,
ty
admits
money
ACCORDING
last
Eastern
kt
v
Spend two hours with
prodigal
spendthrift who
some
ing to increase their income and
protect
their. savings from the
same sort of
monetary erosion that
be out
May 21» 1962*
municipal
months;
and
banks also have acted to
lengthen
out
their government
portfolios.
ticker tape.
chasing power of our money since
1932, or those who don't want to
.
problem of higher costs. Buyhas been the domi-
to
for it in the depreciated
they believe is coming in
the years ahead, or who are
try¬
ous
nrnKlorv,
people
trying
pay
ings and |time deposits. The majority of |banks fell in line and
began paying higher rates after
ing by baflks
land,
in
and have to
OUS
this
interested
are
money
featured earlier periods of expansion now noticeably absent,
What is required above all s that
every
element of our society—
the first of the year. As a result business,
labor and government
they not only have experienced a alike—pull together harmoniously
record influx of funds, but have toward our common goal:
true.
not sitting at a desk tak¬
are
ion,
rity
give
•
is
ing orders from speculators in the
stock market, where all you need
is a fast wire, .a telephone and a
is
it permitted banks to
pay for sav-
been
you
who
who
defensive character,
excesses which
people
many
so
opposite
And when you sell this hard way,
ment
rities
the
heaven—especially in this
country where
just -the
think
of
capi¬
by selling off their loss items
Why Mutual Funds Are Growing
Treasury will be guided accordspecial factors have been at work ingly. The task confronting all of
in the bojnd ;and mortgage mar- us in the period ahead 4s not easy,
kets. The uncertainty in the
long- We must regroup the very great
er
run
business picture and the forces that energize our society so
decline in the stock
market, of as to achieve another vigorous
course, have played a part.
But move forward. That can be done,
in addition to this, the waves set and I believe it will be done. But
in motion;by the change in
Regu- it will take time. Meanwhile, our
lation
Q
quickly engulfed
the economy
possesses
considerable
road to
tal
Khrushchev.
United
in¬
in order to balance out their
day to day, are about in the same
category as the intentions of Little
Red Riding Hood
and old man
3-5 year
have
merchandising securities in this
country, even after all the years
States that interest rates not move
As a result of 30 years of con¬
governments have .fallen by a like lower.
stant prodding, selling, and un¬
amount. TJhat is a very rapid deI would hope hat the authorities
cline.
Even rates on mortgages recognize this fact, and that both tiring work, by salesmen of secu¬
on
who
have not had to
worry about missing a dividend,
or the gyrations of the stock mar¬
ket. It takes salesmanship to con¬
vince people that there is no easy
pended.
go
worsens our
Those
drain.
vested lump sums
and
either in ;=
even
the
salesmanship,
lump sum, or by the
rates in the U. S. cannot be called
month, and the speculator who is
even now are
leveling out. Obvi- high. In general, our interest rate
interested in the convolutions that
ously we (have experienced quite structure is lower than in almost,
decline
these
sold
they
would have otherwise gone down
mensurate
Come November
man.
(if they have them). The invest¬
objective of an individual
buys a good mutual fund,
would conmortgage
on
to be limited. Indeed, rates. At the same time, interest
and
and
income tax
and
be such that
there is sqme evidence that
yields
a
back
went
twice, but
and yet they
times
many
many,
nosticators, our willing citizens
play ducks and drakes with the
December, they are right back
again, paying commissions (God
Bless them) to us stock salesmen,
in-
speciai
surrounding
housing market
that the recent downtrend in bond
of
Indeed,
on
.
income
the tele¬
radio, and the mails
from all kinds of prog-
the
full of pap
a
x
iiwr? I don t
likelihood
Lower
most probable pattern for
pfrsuad? the
ef1S1heer
t
of
and off the front page,
on
Hopes Interest Rate Will Not
always the possibil-
^
amount
Oyer here, with the stock market
^utflow of gold reaching
market
deficit
more
market.
Problem
time
authorities have
scious
rates
£11^
vision that must
Sr.fwwX
purchases of military equipment
timeei^re and
Back in the twenties some en¬
ȣ?
a
io
one
terprising American financiers,
®tirnstancGS in the autumn will oe who saw the need for professional
investment counsel, broad diversi¬
to
fication jand the constant super¬
Offset part of our military expenditures abroad by making larger
oiri
will be
source
needs to go a
step fur¬
ther and proceed to the heart of
^many^nd>oth«®woMan1Bov
etnmentsaart being p^aded to
same
same
on„a -reduced scale,
areas—
many
the
in
deepened
>
would find
say
stability. For one thing, there is a
excess
we
down not once,
turned
capacity to ignore people billions of dollars worth
the obvious, and distort the truth mutual funds—and now the peo¬
concerning even the most elemen¬ ple are beginning to tell their
And do
tal of his observations seems to be friends—and buy more.
at the top of the list of his vicari¬ you know .why?
Because these
ous
obsessions. Coiumbus -knew investments are paying their divi¬
the world was round—he died in dends
regularly, through wars,
chains. A unit of money depreci¬ depressions, recessions and stock
Of course, these
ates in buying power and people market panics.
mutual funds fluctuate in price.
say, "prices are going up." Stocks
rise to prices never before heard Show me anything that doesn't.
But the main point is that these
of in the history of the stock mar¬
ket and people are surprised that millions of people who are bene¬
there could be a ten to fifteen fiting every day by their system¬
percent adjustment in the "stock atic monthly and quarterly savings
averages" during a 6-week period. plans are accumulating money that
also - be larger. At
new issues may
the
come
ability to manage our affairs
and seek to withdraw their funds,
today has certain charac¬ .trouble indeed.
that
make for greater
Let me only
economy
lack
to
have
our
same
to
assets.
were
others
distinct and ap¬
very
possessed, his
time the flow of time
$19 billion in liquid and savings deposits into cornIf these creditors mercial banks
appears
to have
lose confidence in. slowed down somewhat, so that
and
to hold about
dollar
will be the case.
Defensive
a
business ther complicated by'the fact that half, and the volume of corporate
support
to
act
could
it
surplus (and
a
parent quirk in human nature. Of
all the frailties of which man is
-
good
old
American
President;
Vice
-
of James
Mr.
are
and
President,
L.
T.
M.
Han¬
Hansen,
Culverson,
Secretary
and
Treasurer.
our
people to try and
of themselves;
what
have
mutual
?
fund
Now Corporation
been
doing all
these PITTSBURGH, Pa. — Arthur R.
years? Here is what they have been Hefren &
Co., Inc., a corporation,
doing. They have been pounding ■has been formed to continue the
the bricks,
visiting people at their
homes and in their
offices, telling
them
this
story, convincing them
they should save, showing them
the inadequacies of
Social Secu¬
rity standing alone as a retirement
crutch (and that is all it
was ever
intended to be).
They have talked
to
people
until
they
have
been
investment business
of Arthur
R.
Hefren & Co., 223 Fourth Avenue.
Officers
are
President;
Jr.,
Arthur
Willard
R.
J.
Hefren,
Tillotson,
Vice-President- and Assistant
Treasurer;
Treasurer.
and
A.
C.
Hefren,
Volume
195
Number
6162
.
.
The
.
Commercial and Financial Chronicle
(2463)
Indications of Current
Business Activity
-
AMERICAN IRON AND STEEL INSTITUTE:
Indicated steel operations
(per cent capacity)
Equivalent to—
Steel ingots and
castings (net tons)
AMERICAN
Crude
42
PETROLEUM
oil
and
gallons
Crude
Gasoline
stills—daily average
(bbls.)—
output
(bbls.)
output
(bbls.)
Stocks at
oil
gasoline
(bbls.)
(bbls.)rat
Kerosene
Distillate fuel oil
Residual fuel oil
(bbls.
freight received
U.
S.
Private
OUTPUT
May 11
8,094,000
M'ay 11
7,931,000
7,906,000
28,419,000
May 11
27,978,000
2,336,000
12,762,000
28,511,000
2,456,000
12,177,000
2,462,000
28,376,000
2,158,000
13,355,000
11,657,000
5,151,000
5,075,000
5,980,000
6,075,000
-May 11
196,204,000
197,867,000
May 11
204,061,000
201,843,000
May 11
24,484,000
91,621,000
24,502,000
89,494,000
23,989,000
87,899,000
27,090,000
May 11
40,822,000
39,358,000
39,925,000
43,354,000
at
May 11*,
connections
i
(no.
of
Bituminous
coal
May 12
583,925
,-'517,846
;
_
May 17
S.
_
$430,400,000
$443,000,000
$410,700,000
215,000,000
Mav 17
176,000,000
215.400,OCO
179,400,000
206,000,000
237,000,000
259,500,000
215,400,000
May 17
2 03,200,000
40,400,000
36,000,000
118,600,000
32,600,000
lignite
(tons)-
SALES
—
INDEX—FEDERAL
May 12
,095,000
May 12
263,000
May 12
ELECTRIC INSTITUTE:
Electric output (in 000 kwh.)
(COMMERCIAL
steel
(per gross
Scrap steel
(per
(per
METAL PRICES
Electrolytic
AND
INDUSTRIAL)
—
DUN
ton)
M.
J.
(New York)
Lead
(St. Louis)
at
(delivered)
at
tZinc
Zinc
(East St.
Aluminum
Straits
at
U.
S.
Baa
at
York)
at
S.
Group
Group
BOND
Average
Aa
_
15,329,000
14,352,000
310
416
303
DAILY
t
COMMODITY
Wholesale
6.196c
30.600c
30.600c
29.900c
28.575c
28.700c
29.700c
9.500c
9.500c
9.500c
11.000c
9.300c
9.300c
9.300c
10.800c
12.000c
12.000c
12.000c
16
12.000c
11.500c
11.500c
11.500c
16
11.500c
24.000c
24.000c
24.000c
May 16
26.000c
116.000c
117.375c
122.250c
Other
Total
Total
91.91
90.06
89.78
89.09
90.06
87.32
87.18
86.65
87.05
84.68
May 22
89.09
May 22
90.06
82.52
May 22
___.
May,22,.
May 22
—,—_.
in
May 22
82.40
82.27
82.15
84.55
84.17
85.20
88.95
88.13
89.92
89.51
C;
3.81
3.70
3.70
4.58
4.62
4.27
4.28
4.32
4.41
4.43
4.48
stocks
in
4.61
off
the
88.81
initiated
Other
sales
4.62
EXCHANGE
sales
of
—
for
account
of
dealers
EXCHANGE
(customers'
of
4.48
M'ay 12
341,919
399,118
May 12
353,013
366,982
May 12
94
367.8
365.2
*
98
318,745
504,111
;
94
Other
sales
FOR
Total
AND
ACCOUNT
round-lot
ROUND-LOT
OF
ON
THE
STOCK
9.2
■
491,242
456,332
113.43
110.41
113.32
Total
'
.
Gas
•=
MEMBERS
Y.
60,313
1,203
3,555
1,535
94
1
■
|
NEW YORK—
1,827,990
2,130,709
422,260
403,940
3,603,730
640,370
2,100,150
1,562,310
1,752,890
April 27
2,968,150
2,631,620
1,984,570
2,156,830
3,608,520
April 27
258,910
224,430
234,720
459,650
38,700
35,800
28,800
188,940
232,403
327,850
224,740
261,203
642,748
694,749
47,100
469,850
516,950
924,288
April 27
85,660
102,710
86,910
April 27
86,580
896,997
691,358
815,260
April 27
959,207
982,657
794,068
902,170
1,045,787
2,695,168
.
3,060,178
$1,883,000
—
$1,876,000
4,987,668
655,830
560,770
April 27
519,650
3.286,297
2,442,608
2,800,553
April 27
774,050
4,397,207
3,942,127
3,003,378
3,320,203
5,171,257
105.0
104.8
103.9
103.1
,102.7
100.8
105.3
101.0
products
vegetables
at
home
from home (Jan. 1958
100)
=
105.0
105.1
104.7
1C4.4
102.9
103.4
96.1
97.4
97.6
109.7
109.5
107.1
electricity
fuels
fuel
and
oil—
—_—
operation
Apparel
—
—
.
and
boys'.
and
'
—_/
girls'
•
Other
apparel
■__
Transportation
—
care
Personal
.—
Reading
Other goods and
of
Refined
(tons
U.
of
102.0
102.4
102.8
99.0
109.1
108.8
100.3
99.8
100.5
105.9
106.0
103.4
104.6
104.7
102.4
114.9
114.8
110.3
of
2,000
—
U.
ERNORS
1,786,190
01,311,313
1,699,125
1,347,860
$71,157,663
1,208,106
1,612,710
$85,677,987
1,638,543
2,412,342
$131,884,732
110.4
104.3
109.2
109.1
106.6
105.0
104.1
125,740
♦124,687
106,345
137,070
160,656
128,440
130,476
146,419
125,905
65,277
76,676
114,247
April:
—._
stocks
at end
of period
(tons
—
THE
OF
FEDERAL
Average
=
RESERVE
100—Month
Seasonally adjusted
of
Unadjusted
13,531
10,897
8,769
1,194,575
1,6277646
2,416,606
$61,593,823
$82,199,434
$124,414,543
April 27
April 27
506,490
335,360
535,080
738,630
April 27
506,490
335,360
535_, 080
738,630
April 27
586,070
NEW YORK
of
As
469,250
—
——
117
116
106
118
117
107
693,140
STOCK
STOCK
$4,115,000
$4,117,000
$3,986,000
EXCHANGE—
April 30 (000's omitted):
Member
Total
474,640
'
—
2,424,375
23,531
1,675,594
594,719,031
TRANSACTIONS
S.
DEPT.
107.3
.—-
pounds)
pounds)-——
SYSTEM—1957
April 27
April 27
!
100.6
.-
105.8
firms
extended
Cash
on
Total
of
margin
carrying
customers'
Credit
hand
in
and
value
Market
value
of
of
accounts—
balances———
customers
customers'
Market
debit
net
to
36,000
34,000
419,000
426,000
433,000
1,110,000
1,154,000
1,508,000
bonds
109,436,597
107,404,231
110,317,963
shares
357,770,892
381,361,363
350,071.832
511,000
681,000
533,000
3,171,000
3,056,000
2,412,000
banks
free
listed
listed
—
in
credit
U.
S._,
balances—
Member
borrowings of U. S. Govt, issues.
Member
borrowings
sales-
sales
102.5
100.4
April:
April 27
sales
99.'3
113.0
pounds)—
2,000
(tons
copper
2,000
105.6
102.7
fabricators—
.
A.
S.
Refined
of
to
103.7
99.3
106.9
105.9
Copper production in U. S. A.—
Crude
(tons of 2,000 pounds)
Delivered
104.0
99.5
services—
month
108.0
113.6
______
recreation
and
104.1
—
—
care
103.9
105.2
107.1
102.8
—-
...——
Footwear
In
103.6
__—
Housefurniehings
104.6
107.9
INDUSTRIAL PRODUCTION—BOARD OF GOV¬
(SHARES):
WHOLESALE PRICES, NEW SERIES
LABOR
(1957-59=100):
Commodity Group—
$1,532,000
103.2
104.6
Medical
289,150
omitted)
INDEX— 1957-59= 100-
101.9
and
—-.-Solid
;
April 27
April 27
Short sales
Other
J,
COMMISSION
N.
27,353
107.1
Women's
April 27
SALES
EXCHANGE
"'"'131,005
100.6
away
Men's
:
s—-
105.3
319,615
'
purchases)—t
Reurd-lot purchases
by dealers—Number of shares
TOTAL ROUND-LOT STOCK
42,949
»—I
Housing
308,698
338,314
.
,
>'•>
by dealers—
shares—Total sales
106,911
69,859
100.6
and
S^ort sales
98,412
45,109
101.9
food
sales
Number
177,649
tons)
107.3
Other
sales
$86,114,000
bakery products
poultry and fish
Fruits
April 27
other
$80,878,000
and
Dairy
Dollar value
7,093,000
$121,831,000
home
4.50
purchases by dealers (customers' sales)—
Number of orders—customers' total sales
Customers' short sales
Round-lot
at
Cereal
Meats,
4.47
Odd-lot
Customers'
Food
4.63
5.01
4.55
shares
13,127,000
9,998,000
:
4.45
Dollar value
15,612,000
5,440,000
Food
4.41
4.77
3,664,679
24,586,000
March:
4.49
members—
32,562,000
OUTSTANDING—FED¬
items
4.42
April 27
April 27
SECURITIES
by
All
4.26
5.00
776,299
25,041,000
—
(000's
30
367.5
April 27
10,117,000
31,691,000
:
tons)
BOARD OF
PRICE
of
Month
3.69
4.58
■
4.66
floor—
sales
Number
April
4.85
STOCK TRANSACTIONS FOR ODD-LOT
ACCOUNT OF ODDLOT
DEALERS AN.D SPECIALISTS ON N. Y.
STOCK
Odd-lot
(net
COPPER INSTITUTE—For
transactions
purchases
sales
Total
the
on
$23,215,000
7,803,000
89.23
•
4.99
-
-
$22,421,000
10,437,000
(net
America
tons).
PAPER
4.41
April 27
April 27
April 27
$49,677,000
——_______
Central
RESERVE
of
As
4.82
which registered—
sales
Short
ERAL
Food
floor—.
—...
•'
4.98
2,629,470
531,470
245
131
(net tons)—
4.81
114.07
704
276
'
4.57
491,708
123
701
273
■,
America
COMMERCIAL
238
142
1,441
liabilities
(net
366.7
May 12
228
145
767
143
anthracite
and
200
1,490
—^
(BUREAU
May 22
April 27
April 27
initiated
!
...
;
May 22
May 18
round-lot
Total
92,880,000
632,889,000
119
exports of Pennsylvania
tons)
CONSUMER
sales
sales
86,267,000
866,766,000
(net
Asia
92.06
May 22
May 22
S.
To
92.20
purchases
sales
73,887,000
855,370,000
1,504
....
liabilities
Household
sales
Other
252,431,000
—
.
MINES)—
South
91.34
sales
Short
Total
168,205,000
...
;
March:
To
87.18
__
Total
U.
number
OF
of
87.72
87.72
purchases
Olher transactions
15,932,000
142,583,000
.——
—
liabilities
EXPORTS
Month
89.06
87.86
sales
Other
13,611,000
BRADSTREET
&
liabilities
Europe
May 22
end of period
specialists
purchases
Short
OAL
ASSOCIATION:
of
transactions
Total
362,746,000
15,734,000
between
_
—_!
....
service
North
89.73
TRANSACTIONS FOR
ACCOUNT
OF
MEM¬
BERS, EXCEFT ODD-LOT DEALERS AND SPECIALISTS
Total
shipped
liabilities
To
89.73
ROUND-LOT
sales
$396,746,000
889,128,000
...
service
To
88.90
AVERAGE=J00
sales
$473,795,000
825,953,000
April:
liabilities
Total
110.750c
May 22
activity
Other
$478,502,000
number
Commercial
30.600c
28.575c
16
(tons)
Short
of
number
Manufacturing
6.196c
16
INDEX
PAPERBOARD
Transactions
$241,000,000
2,392,029,000 2,497,772,000 2,253,624,000
number
Retail
•—.
_
Unfilled orders (tons) at
Total
Total
$66.44
6.196c
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
1949
Construction
$36.50
May 22
May 22
Group—
Group
of
and
—
number
$66.44
Group
(tons)
$293,300,000
number
$30.38
;
Utilities
Percentage
Wholesale
Retail
$66.44
——
Production
_!
;
.
credits...—_„_——
stored
INC— Month
$27.17
AVERAGES:
Bonds
.____
received
$281,700,000
BANK
w——p.-
.—.
FAILURES—DUN
6.196c
A
Orders
13,658
OUT¬
1:
$26.17
May 22
NATIONAL
goods
$66.44
May 22
Industrials
15,264
30:
——
countries
May 14
corporate
MOODY'S
2,933
14,244
2,040
OF
—
Manufacturing
157
329
.—
Public
;
May 17
■
?an
Railroad
152
15,445,000
„_
YIELD
Aaa
,
on
May 14
Group
Government
Based
May 14
Utilities
MOODY'S
161
i,008,coo
—
Public
328,000
DAILY AVERAGES:
corporate
Railroad
U.
.—
Government Bonds
Industrials
7,413,000
297,000
May 19
May
May
.May
May
:
Louis)
MOODY'S BOND PRICES
Average
8,260,000
■
;
169
May 16
May 16
May 16
at
(New
exchange
Construction
(primary pig, 99.5%) at
tin
April
l
:
Dollar
QUOTATIONS):
at
Lead
of
—_
shipments
Commercial
ton)
refinery
refinery
GOVERNORS
.1
....;
Total
&
■
Export
1,608
4,077
...
OF
YORK—As
—_
foreign
copper—
Domestic
2,452
3,420
_
lb.)
&
♦8,250,000
310,000
PRICES:
gross
(E.
33,800,000
Ago
undelivered
omitted)
warehouse
151,200,000
,
INC
COMPOSITE
Finished
and
_.
Domestic
RESERVE
SYSTEM—1941-49 AVERAGE—100
Pig iron
(000's
NEW
I USINESS
EDISON
AGE
month)
'Domestic
.
$398,500,000
183,100,000
Year
Month
:
order
on
DOLLAR
Exports
491,105
May 17
Previous
Month
BUREAU OF MINES):
and
DRADSTREET,
of
April
OF
551,405
513,630
May 17
__
cars
ACCEPTANCES
STANDING—FEDERAL RESERVE
85,530,000
554,945
-
of that date:
Latest
cars
'
524,490
either for the
INSTITUTE—
delivered
DEBITS—BOARD
of
:
Pennsylvaniavanthracite (tons)—
IRON
587,409
freight
cars
of
BANKERS'
■
■
new
Imports
cars)—May 12
CAR
are
are as
THE FEDERAL RESERVE SYSTEM—Month
.
CONSTRUCTION—ENGINEERING
7
■
*K; V'
'
DEPARTMENT STORE
FAILURES
BANK
of quotations,
cases
April:
freight
(end
,
w,
<,
from
of
Backlog
in
or,
RAILWAY
Month
7,162,560
at
municipal—!
(U.
2,037,000
7,405,710
Federal
COAL
2,138,000
AMERICAN
New
May 11
construction—.
and
70.0
7,290,010
.
construction
State
Ago
73.0
7,259,510
7,977,000
construction
Public
Year
Ago
60.5
May 11
___
(bbls.)
NEWS-RECORD:
Total
Month
Week
57.0
of
__
at
(bbls.)
CIVIL ENGINEERING
Previous
Week
production and other figures for the
cover
Dates shown in first column
that date,
on
1,7 65,000
ASSOCIATION OF AMERICAN RAILROADS:
Revenue freight loaded (number of
cars)—
Revenue
month ended
or
1,662,000
refineries, bulk terminals, in transit, in pipe lines—
Finished
month available.
May 19
(bbls.)
__,
Residual
or
Orders of
output—daily average
Kerosene output (bbls.)
Distillate fuel oil
fuel
week
INSTITUTE:
condensate
output
following statistical tabulations
latest week
Latest
May 19
each)
to
runs
The
27
April 27
April 27
849,830
715,650
629,040
887,430
17,185,890
12,165,080
14,903,917
22,446,960
April 27
18,035,720
12,880,730
15,532,957
23,334,390
OF
PORTLAND
Month
CEMENT
of
other
on
(BUREAU
collateral—
50,000
OF MINES)—
March:
—
All
commodities
Production
Shipments
;
Farm
products
Processed foods
Meats.
All
commodities
other
than
farm
and
foods
^
May 15
100.3
100.4
100.5
Not Avail.
May 15
May 15
May 15
96.6
♦96.8
97.3
Not Avail.
100.0
99.9
100.1
Not Avail,
93.9
♦93.6
94.0
Not Avail.
May 15
100.9
100.9
100.9
Not Avail.
♦Revised figure.
tNumber of orders not reported since
introduction of Monthly Investment Plan.
sold on delivered
basis at centers where freight from East
St. Louis exceeds one-half cent
a
pound
Stocks
Capacity
TREASURY
RECT
OF
tPrime Western Zinc
at
(barrels)
from
end
used
mills
of
(per
MARKET
AND
sales
Net
purchases
(barrels)—:—
cent)
—
TRANSACTIONS
GUARANTEED
USA.—Month
Net
(barrels)
month
of
IN
15,309,000
21,851,000
21,077,000
14,339,000
21,884,000
39,811,000
54
♦40.626,000
38,237,000
45
59
$18,203,500
$18,878,450
$19,531,560
DI¬
SECURITIES
April:
r
The Commercial and Financial Chronicle
(2464)
28
.
.
Thursday, Majr 24, 1962
.
* INDICATES
Now
Securities
in
Registration
other corporate purposes.
Underwriter—Fabrikant
NOTE
Because of the
—
awaiting processing by
large number of issues
the SEC, it
u
becoming
general, to be considered
not, in
are
as
Corp., N. Y.
rants)
•
Advance
first
Mortgage Corp.
mortgage
loans.
Proceeds—For
Office—First National Bank
—Shields &
offering dates.
debt
repayment.
Bldg., Detroit.
ignition systems for engines. Proceeds—For equipment,
leasehold improvements, advertising and working capi¬
tal. Office—80 Wall St., N. Y. Underwriter—None.
•
Inc.
Electronics,
C.
28, 1962 ("Reg. A") 100,000 common. Price—$1.25.
Business—Design, development and sale of transistorized
L.
A.
Steel
S.
March 29, 1962
Corp.
filed 100,000 common. Price—$4.50. Busi¬
rolled strip steel. Proceeds
—For debt repayment, equipment, and working capital.
Office—126—02 Northern Blvd., Corona, N .Y. Under¬
writer—Bernard L. Madoff, N. Y. Offering—In July.
ness—Sale of processed flat
Instrument Co.
Accurate
April 24, 1962 ("Reg. A")
of
Business—Manufacture
Inc.
electronic
instruments
test
products,
Office—
Underwriter—Paisley &
Proceeds—For
parts.
Price—$2.50.
80,000 common.
and
component
debt
repayment and other corporate purposes.
2435
White
Plains
N. Y.
Rd.,
new
Co., Inc., 15 W. 44th St., N. Y.
Electronics, Inc. (6/4-8).
»
///*
March 16, 1962 ("Reg. A") 92,000 common.
Price—$3.25.
Business—Design and fabrication of instrumentation
and telemetry systems.
Proceeds—For equipment, in¬
ventory and working capital. Office—3181 Roswell Rd.,
E., Atlanta. Underwriter—Robert
Inc., Philadelphia.
—For
new
Air
& Co., Inc.,
Accurate
filed 100,000 common. Price — By amend¬
ment
(max. $13). Business — Rebuilding and sale of
starter drive devices for automobiles. Proceeds — For
stockholders.
Office—1313 S. Jay
Underwriters—McDonnell
Ind.
ter sperger,
&
St., Kokomo,
Y. and Raf¬
Hughes & Co.v'Indianapolis; Offering—June.
Co.,
(6/25-29)
Mar. 22, 1962 ("Reg. A") 53,300 common. Price—$3.75.Business—Manufacture- and distribution of diazo, brown,
arid blue print paper, Proceeds—For debt repayment,
expansion & working capital. Office—3745 N. 2nd St.,
Philadelphia. Underwriter—Fred F. Sessler & Co., Inc.,
New
•
York.
Automotive
Inc. (5/28-6/1)
Jan. 11, 1962 filed 100,000 common. Price—$4. Business
—A warehouse distributor of automobile equipment ac¬
cessories and supplies. Proceeds — For expansion and
working capital. Office—3294 Steinway St., Astoria, N, Y.
Underwriter—Baruch
Admiral Benbow
Products,
Brothers
of
restaurants
expansion,
S.
•
Co., Inc., N. Y.
and
a
common
on
a
to
be
offered
l-for-5 basis.
Business—Operation
motor
hotel.
for
of
a
Proceeds—For
repayment and equipment. Office—29
Blvd., Memphis.
Underwriter—James N.
&
Co., Memphis.
Admiral
Business Systems, Inc.
28, 1962 filed 70,000 common. Price—$3. Business
—Designs and produces printed business forms. Proceeds
Feb.
—For
additional
sales
personnel, moving
expenses
and
windows
Air
tures
of
class
A
manufacture
1987
to
be
and
held
ment.
Business—Production
of
June
record
doors,
and
and
sale
other
subord.
conv.
alu¬
of
of
Co., Inc. (5/^jS-S/l)
("Reg. A") 120,000 common.
International, Inc. (6/4-8)
Nov. 13, 1961 filed 73,000 common. Price—$7. Business
—Company plans to construct special type homes, and
engage in the general contractirijT'bhSlnes^-Ti'hceeds—
deben¬
For
general corporate purposes.
Fla. Underwriter—B. C:
.
Office—St. Petersburg,
Malloy; Inc., St; Petersburg.' "V
Amerel
July
Mining Co. Ltd.
1961 filed 400,000
shares. Price—50
engaged in exploration,
development and mining. Proceeds—For diamond drill¬
31,
common
cents. Business—The company is
ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
A. Manning, Ltd., Toronto.
writer—E.
Price
Baltrite Rubber Co., Inc.
1962 filed 200,000 common, Of/which 100,000
are to be offered by company and 100,000>«by stockhold¬
ers.
Price—By amendment (max. $25)/ Business—Pro¬
duction of rubber and vinyl soling materials and heels
for footwear, floor coverings and industrial rubber prod¬
ucts.
Proceeds—For equipment, plant expansion and
working capital. Office—22 Willow St., Chelsea, Mass.
American
—
a
March 29,
Price—$2.50.
Coast Securities Co., San
Francisco, Calif.
Alabama Power Co. (5/31)
Underwriter—Goldman, Sachs & Co., N. Y. Note—This
registration is being withdrawn.
American
Dec.
Bolt & Screw Mfg.
dustrial
1992.
aircraft
and
missile
debt
Inc.-Kidder, Peabody & Co. (jointly); Morgan Stanley
& Co.; First Boston
Corp.; Eastman Dillon, Union Secu¬
derwriter—S. D. Fuller & Co., N. Y.
Co.-Equitable Securities Corp.-Drexel & Co.
(jointly); Lehman Brothers; Halsey, Stuart & Co. Inc.
Bids—May 31 (11:30 a.m. EDST) in Room 1600, 250 Park
Ave., N. Y. Information Meeting—May 28, 1962 (2:30
American
(Room 905), N. Y.
Petroleum
15, 1962 filed -2,000;000
common.
Proceeds—For
repayment, equipment and other corporate pur¬
poses. Office—Lawson Blvd., Oceanside, L. I., N. Y. Un¬
Cardboard &
American
&
at 20 Pine St.,
—
fasteners.
Office—600 N. 18th St., Birmingham, Ala. Under¬
writers—(Competitive). Probable bidders: Blyth & Co.
All
(6/11-15)
By amend¬
and special in¬
Corp.
15, 1961 filed 150,000 common. Price
ment. Business—Manufacture of standard
.
May 4, 1962 filed $17,000,000 of first mortgage bonds due
Packaging Corp.
(6/18-22)
Jan. 5, 1962
filed 150,000 common. Price—$3.50. Business
and
sale/ of cardboard boxes,
display
—Manufacture
•
Proceeds—For general corporate purposes.
Philadelphia. Underwriters
—Milton D., Blauner & .Co., Inc., M. L. Lee & Co., Inc.,
/.N. Y., and Hallowell,';Sulzberger,:Jenks, Kirkldnd & Co.;*
boards, etc.
Office—1101 W. Cambria St.,
Corp.
Price—$1;
BiisL
oil *and/
gas •
Philadeiphia.:;r^r/'Zr/'LL^^JOi/.-t''^>/';:v)'"r /
:;V //r
repayment and other /'
American Diversified, Inc. (6/13) W
'
corporate purposes./.pffke—715^ Midland Savings Bldg..•"Dec. 21', 1961 filed 110,000 common: Price—$7.50. • Busi¬
Denver.
Underwriter—None. *
*"
ness—A holding company whose three subsidiaries are
properties.
17,
Proceeds—For
debt
ifacSfac Lumber Co.
1961
Business—A
filed
.
.
250,000 "common.
lumber
■
a
Price
$5.75.
company.- Proceeds—For
construc¬
tion
SOLD
-
QUOTED
for Banks, Brokers, Institutions
and working capital. Officfe—614*
Equitable-BldgV/
Portland, Ore. Underwriter—Dempsey-Tegeler & Co.,
Inc., St. Louis. Note—This registration was temporarily
d SI E( iEL
(Jl
^
Areolae Chemical Corp.
Broadway, New York 6, N. Y.
Dlgby 4-2370
TWX: N.Y. 1-5237
to
HOLT ON, HENDERSON & CO., Los
Angeles
and
corporate
a broker-dealer-underwriter,
finance'company.' -Proceeds—For gen¬
purposes.
Office—930 Grant St., Denver.
Underwriters, Inc.,'. Denver
Underwriter—Nation-Wide
(a subsidiary).
.
,
•
■
,
GROWTH SITUATION!
amend¬
Individual
specialty
chemical products. Proceeds—For general
corporate pur¬
poses.^ Office—3440-Fairfield Rd., Baltimore..
writer—Robiert Garrett & Sons, Baltimore.
.
Under¬
'
Allegheny Aluminum Industries, Inc.
39
eral
;
loan
(6/3L1-15)
March 23, 1962 filed 50,000 common. Price—By
ment
(max. $6)., Business—Manufacture of
/•
New York Security Dealers Association
life insurance company,
and-a
postponed.
•
Co., Inc., Philadelphia.
AEumatron
Underwriters—Kidder, Peabody & Co.
Co., N. Y.
-/././///Na/;/;''/
'
distribution
(6/4-8)
—
and H. A. Riecke &
Alan-Randal
Alaska
Direct IFire
a general real estate business with
development and home construction
land
on
inventory and working capital. Office—2520 N. Broad St.,
Philadelphia. Underwriters—Albert Teller & Co., Inc.,
Business—-Distributor of pens and other
advertising ma¬
terial. Proceeds — For
working capital. Office — 11608
Ventura Blvd., Studio City, Calif. Underwriter—Pacific
Nov.
Members of
Price
Price—By amend¬
oxygen, acetylene and
ness—Acquiring, exploring."and developing
all I \
Established 1942.
Properties, Inc. (6/12)
1962 filed $5,000,000 of conv. subord. deben¬
1977. Price—At par. Business—Company and
due
28, 1962 ("Reg. A") 100,000 class A common.
$3. Business — Wholesaling and distributing of
electronic parts, kits, components, etc. Proceeds — For
of
$3.
variety of
air-supported structures, radar antennae, and solar re¬
flectors. Proceeds—For expansion and
working capital.
Office—30 Garden St., New
Rochelle, N. Y. Underwriter
—Fred F. Sessler & Co.,
Inc., N. Y.
-Feb.
41
Corp.
Alsco Electronics, Inc.
5, 1962.
industries, inc. (6/15)
1962 ("Reg. A") 73,500 common.
EDST)
Underwriter—
March
Air-Tech
Oct. 27, 1961
Y.
Fla., Md., N. Y., and Ky. Proceeds—For repayment
debt. Office—230 Park Ave., N. Y. Underwriters—
Bear, Stearns & Co., and Allen & Co., N. Y.
and Dean Witter &
and
N.
of
gases, welding tools and related .equipment. Pro¬
ceeds—For debt repayment and
expansion. Office—150
Mar. 23,
Business—Manufacture
Ave.,
Ave., Milwaukee. Underwriter—None.
emphasis
other
St., N. Y.
Insurance
subsidiaries conduct
offered for
shares
Alaska
-
tures
common
subscription by stock¬
the basis of $100 of debentures for each 10
on
Fifth
All-State
April 24;
Proceeds—For
Inc. (6/5)
1962 filed $44,546,300 of
due
holders
p.m.
BOUGHT
•
Reduction Co.,
April 27,
Office—551
Teutonia
working capital, and
Office—20th Street, and Alle¬
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., N. Y. Note—This
offering has been in¬
definitely postponed.
rities
YOUR PRIME SOURCE FOR
shares
Business —The
storm
mass
in
Corp.
filed 200,000
products.
of
1962 filed 1,000,000 common. Price—$3. Business
—insuring of buildings against fire, lightning and other
perils. Proceeds—For working capital. Office—3882 N.
other corporate purposes.
Price—
debt
Bellevue
Reddoch
&
Inn, Inc.
March 23, 1962 filed 101,578
subscription by stockholders
By amendment (max. $18).
chain
amendment.
Business—Publication
(for department stores and mail
Mar. 30,
Co.,
are to be offered for public
the company and 150,000 outstanding shares by
the present holders thereof. Price—To be
supplied by
E. 42nd
'
,
Admiral
catalogues
sale by
N.
AdeSiphi Research & CVatg. Co.
amendment.
circulation
All-Star
stock, of which 50,000 shares
minum
March 30, 1962
selling
1961
Price—By
capital.
products,
Master
aluminum
N. Y. Offering—In late July.
Parts, Inc.
&
Inc.
Bache & Co., N. Y. Offering—Expected in June.
inventory and working capital.
Address—Route 15, Sparta, N. J.
Underwriter—Chase
Securities Corp., N. Y.
May 26,
Bros.
Harris
Arts,
order firms), a semi-annual magazine and stamp collec¬
tors' books. Proceeds—For debt repayment and working
Aerosystems Technology Corp.
April 11, 1962 filed 165,000 common. Price—$3. Business
—Development, manufacture and marketing of certain
proprietary products and defense contracting. Proceeds
Corp.
ment, advertising and other corporate purposes. Office
—651
Third St., Newark, N. J.
Underwriter—Baruch
M.
Graphic
Mar. 27, 1962 filed 180,000 common, of which 60,000 will
be sold for the company and 120,000 for a stockholder.
Aeroscience
28, 1962 filed 80,000 common. Price—By amend¬
ment. (max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
Accurate Packaging
Feb.
„
Allied
repayment,
expansion and working capital. Office—90 Gazza Blvd.,
Farmingdale, N. Y.
Underwriter—Robbins, Clark &
Co., N. Y.
N.
Business
Toy Corp.
27, 1962 filed 133,333 common. Price—$3. Business
—Manufacture and sale of dolls. Proceeds—For equip¬
ment, advertising, and working capital. Office — 4116
First Ave., Brooklyn, N. Y. Underwriter — Theodore
Arrin & Co., Inc., N. Y. Offering—In
July.
-
Aerodyne Controls Corp. (6/18-22)
29, 1962, ("Reg. A") 90,000. common.
Price—$2.
Business—Design, manufacture and sale of systems, con¬
Feb.
E.
common.
Feb.
•
trols and assemblies for the missile, rockets and aircraft
industries.
Proceeds—For equipment, debt
A.
and 312,500
ISSUE
REVISED
Allied Doll &
Underwriter
Co., N. Y.
Jan.
•
ITEMS
for common).
max.
April 27, 1962 filed 200,000 common. Price—By amend¬
ment. Business—The making and servicing of real estate
firm
•
ADDITIONS
PREVIOUS
Price—By amendment ($8
—
Manufacturing and dis¬
tributing Pepsi Cola and Pepsi Coia syrup. Proceeds—
For an acquisition. Office—1601 Guilford Ave., Balti¬
more.
Underwriter—Suplee, Yeatman, Mosley Co., Inc.,
Philadelphia.
Offer¬
ing—Expected in July.
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but
Office—233 W. 42nd St., N. Y.
Securities
SINCE
Dec. 21. 1961 filed 100,000 common.
*
ownership of publicly traded securities is bur-,
geoning in Chicago and Mid America. Now more than
70 offices-are maintained in Chicago by member firms-of
the New York Stock Exchange. Additional investment
firms number in the hundreds. Last year, financial adver¬
tisers
placed
more of their budgets in the Chicago Tribune
three other Chicago papers combined. No
Price—$4.25. Busi¬
ness—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen windows and
other mid-western newspaper
doors.
like the Tribune.
Proceeds
For
an
acquisition, debt repayment
and general corporate purposes.
Office—5007 Lytle St.,
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
Allegheny
March
5,
—
Pepsi-Cola
1962
filed
Bottling Co.
$1,250,000 of 614%
sinking fund debentures due 1977
(6/4-8)
subordinated
(with attached
war¬
than in all
resentative
reaches your top prospects
Why not contact your Tribune rep¬
today?
(Eljini^c QTtibime
T HI
WORLDS
GREATEST
NEW SPATE
R
Volume
195
Number
6162
.
.
'
■
>
Chronicle
The Commercial and Financial
.
American
Flag & Banner Co. of New Jersey
"
1, 1962 filed 100,000 common. Price—$3.25. Busi¬
v
*
(2465)
..
•
.
.
'1
ness—Production of flags, banners and accessories. Pro¬
ceeds—For taxes, debt repayment and working capital.
Argus Financial Fund, Inc.
12, 1962 filed 800,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50 per share).
Office—1000
Business—A
May
Main
Ave., Clifton,
Securities Corp., N. Y.
K-Pac
American Gas
N.
J.
Underwriter—
Co.
shares for each share held.
Price—By amendment (max.
$5). Business—Transportation, distribution and sale of
gas. Proceeds—For debt repayment and expansion. Of¬
fice—546 S. 24th Ave., Omaha.
Underwriter—Cruttenden, Podesta & Miller, Chicago.
.
; ;
Laboratories,
Inc.
28, 1962 filed 200,000 common. Price—By amend(max. $6). Business—Operation of hospitals and medical
laboratories. Proceeds—For
debt repayment
ing
Bonnie
Office—660
S.
and
work¬
Brae, Los Angeles.
Underwriter—California Investors, Los Angeles.
•
American Modular
Nov.
ness—Manufacture
of
common.
(6/4-8)
Price—$2.5u.
Busi¬
type of component constructed
a
Proceeds—For
home.
working capital.
Park, Fla.
•
Manufacturing Corp.
27, 1981 filed 200,000
debt repayment, equipment, and
Office—4950 71st Ave., North, Pinellas
Underwriter—Equity Securities Co., N. Y.
American
Mortgage Investors (6/18-22)
8, 1962 filed 1,300,000 shares of beneficial interest.
Price—$15. Business — A newly-formed business trust
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Rd., Palm Beach, Fla.
Underwriter—Hayden, Stone & Co., N. Y. Note—This
formerly named American First Mortgage
'
' A
-
company was
Investors.
Options Corp.
American
Phoenix
24, 1962 filed
Corp.
315,000 class A shares.
Business—General real estate.
Pines
Interamerica Securities
•
Underwriter—
Corp., N. Y.
(6/15)
March 30, 1962 filed $2,480,000 of convertible deben¬
tures due 1982 and 248,000 common shares (of which
218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
one $10 debenture and one share. Price—By amendment
(max. $22.50 per unit). Business—Production and serv¬
icing of physical damage insurance on automobiles,
trucks and mobile homes. Proceeds—To purchase Ameri¬
can Fidelity Fire Insurance
Co. Office—American Plan
Bldg., Westbury, N. Y. Underwriter.—Bear, Stearns &
Co., N. Y.
•' ?v
.—v.- '
.7
*
Southwest Realty Trust
(6/25-29)
Feb. 12, 1962 filed 1,000,000 common.
Price—$11. Busi¬
ness—A real estate investment company. Proceeds—For
investment. Office—800 Hartford Bldg., Dallas. Under¬
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce & Co., Inc., Dallas.
American States
Life
Co.
Insurance
(6/11-15)
March 22, 1962 filed 300,000 common to be offered in¬
itially for a 30-day period to its stockholders and those
of
its
parent, American States Insurance Co. The re¬
maining shares will then be offered to the public. Price
—By amendment (max. $5). Business—Writing of ordi¬
nary and group life insurance,
proceeds—For general
corporate purposes. Office—532 N. Meridian St., Indian¬
apolis.
Underwriter—City
Securities
Corp.,
Indian¬
apolis.
Ames
(6/11-15)
Price—By amend¬
ment
(max. $5).
Business—Operation of self-service
discount department stores. Proceeds—For debt repay¬
ment, expansion and working capital.
be offered
60
and
for
sale
warrants.
in
units
Price
of
Office—Mill St.,
Underwriter—Kahn & Peck, Cohn
Ampoules, Inc.
^
1962 filed 5,900 common. Price—At-the-market.
Business—Design and development of sterile dis¬
March 28,
hypodermic
stockholders.
ampoules.
Office—34
N.
Proceeds—For selling
St., Hudson, Ohio.
Main
Underwriter—None.
Anchor
Industries Corp.
(6/4-8)
Nov. 24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
ucts.
Proceeds—For machinery research, sales promo¬
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter—Amber, Burstein & Co., Inc.,
New York.
ceeds—For
debt
repayment and
loans
Corp.
1962 filed $3,750,000 of participating units in
Canadian Gas & Oil Program 1962.
Price—
Apache
Inc.
March
ers.
30, 1962 filed 100,000 common, of which 80,000
the company and 20,000 by stockhold¬
Price—By amendment (max. $8.50). Business—Re¬
to be sold by
search, development and engineering under defense con¬
tracts. Proceeds—Repayment of bank loans, equipment,
plant expansion and working capital. Office—Paramus,
N. J. Underwriter—McDonnell & Co., N. Y. Offering—
Sometime in June.
Corp.
Barogenics, Inc.
30, 1962 filed
Co., N. Y.
E.
Pro¬
38th
St.,
Offering—In¬
(6/4-8)
100,000
common.
Price
$7.50.
—
Business—Research and development in ultra high pres¬
sure technology and
the design and sale of ultra high
equipment. Proceeds—For inventories, research,
St., N. Y. Under¬
writer—Globus, Inc., N. Y. Offering—In July.-.
pressure
and sales promotion. Office—51 E. 42nd
Bay State Electronics Corp.
1961 filed 160,000 common. Price—By amend¬
ment.
Business—Development of products and tech¬
niques for use in the fields of oceanography, meteor¬
Oct. 27,
ology, seismology and ionospheric phenomena. Proceed#
—For product development and working capital.
Office
Leon St., Boston. Underwriter—To be named. Of¬
fering—Indefinitely postponed.
—43
(max.
Beacon
Dec. 20,
—Net
Investing Corp.
1961 filed 300,000 shares of capital stock.
asset value.
—For investment.
Business—A mutual
fund.
Price
Proceeds
Office—22 The Fenway, Boston.
Un¬
derwriter—N one.
of
electromechanical
ceeds—For
capital.
debt
and
electronic
devices.
•
Beauty Industries, Inc. (6/4-8)
1
19, 1962 ("Reg. A") 99,990 common. Price—$3.
Business—Ownership, operation and franchising of
beauty salons.
Proceeds—For debt repayment; equip¬
April
Pro¬
repayment,
Office—Wilson
Underwriters—Prescott
equipment and working
Mills Rd., Chesterland, Ohio.
&
Co.
and
Co., Inc., Cleveland.
William T.
-
,
ment;
an
Blauner
Ave., Detroit. Underwriter—
Utilities Corp. (5/28-6/1)
26, 1962 filed 200,000 common. Price—$6. Business
—Construction and operation of water-treatment and
sewage-disposal
plants.
Proceeds—For
construction,
plant expansion, and a loan to a subsidiary. Office—
Fla.
("Reg. A")
Production
75,000
of
common. Price
color photographic
—
$4.
prints,
14,
Proceeds—For
Atlantic
debt repayment and general
Office—201 N. Federal Highway,
purposes.
corporate
Deerfield
Beach, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla.
Jan.
Opa Locka,
—
Aircraft, Inc.
1962 ("Reg. A") 259,272 common. Price—$1.
Business—Design and development of an aircraft incor¬
porating radical concepts in design and construction.
Co., Detroit.
Court,
Hardy & Co., N. Y.
v ■'. < t
Laboratories, Inc.
Bede
Feb.
—
29th
Color
N. Y.
(max. $6). Business—A holding company. Primarily
insurance concerns. Proceeds
For acquisitions.
N.
Bebell
slides, transparencies and photo-animations. Proceeds—
For
equipment, sales promotion, leasehold improve¬
ments, a new product, and working capital. Office—108
W. 24th St., N: Y.
Underwriter—Stevens, Hickey & Co.,
Mid-Continent Corp.
J. Winckler
&
29, 1962
Business
March 30, 1962 filed 600,000 common. Price—By amend¬
Jefferson
Office—330
(5/28-6/1)
Jan.
ment
E.
capital.
Underwriter—Seymour
.
Aug. 29, 1961 filed 500,000 common. Price—$12.50. Busi¬
ness—A small business investment
company. Proceeds—
For general corporate purposes. Office—744 Broad St.,
Newark, N. J. Underwriter—To be named. Note—This
offering was indefinitely postponed..
Office—8469
and working
Ave., Newark, N. J.
Co., N. Y.
Bebell
Atlantic
acquisition
Chancellor
Robbins
Atlantic Capital Corp.
17850
Bros.
March
Assembly Products, Inc. (6/11-15)
March 29, 1962 filed $1,250,000 of 5V2% conv. subord. de¬
bentures due 1972. Price—At par.
Business—Manufac¬
•
Office—224
Price—By amend¬
(approx. $12). Business—Merchandising of home,
institutional furnishings. Proceeds—For
expansion and debt repayment. Office—818 W. Seventh
St., Los Angeles. Underwriter—William R. Staats & Co.,
Los Angeles.
Price—By amend¬
$7.50). Business—Converter of linings and
interfacings used in the manufacture of clothing. Pro¬
ceeds—For expansion, debt repayment and working capi¬
tal. Office—335 W. 35th St., N. Y. Underwriter—To be
F.
capital.
commercial and
Ascot Textile Corp. (6/11-15)
Feb. 23, 1962 filed 100,000 common.
for
working
Underwriter—Gianis &
ment
general
Bene
Cosmetics,
March 2, 1962
Underwriter-
Inc.
("Reg. A") 100,000
common.
Price
—
$3.
Business—Importation, sale and distribution of Italian
cosmetics. Proceeds
For advertising, inventory and
]
—
Atmospheric Controls, Inc.
Aug. 22, 1961 ("Reg. A") 40,000 common. Price—$3.50.
Proceeds
For
repayment of loans,
acquisition and
working capital. Office—715 N. Fayette St., Alexandria,
working capital. Office—114 W. 13th St., N. Y. Under¬
writer—Granite Securities, Inc., N. Y.
—
Berkshire
ington, D. C.
1962 filed 27,432 common being offered for sub¬
scription by stockholders at the rate of one new share
Offering—Indefinitely postponed.
for each 5 held of record April 16 with
•
Aubrey Manufacturing, Inc. (6/5)
March 28, 1962 filed 140,004 common, of which 100,000
shares are to be offered by company and 40,004 by stock¬
holders.
Price—By amendment (max. $7). Business—
Design, manufacture and sale of kitchen range hoods,
Bernalen, Inc. (6/4-8)
("Reg. A") 70,000 common. Price—$2,625.
Business—Design, manufacture and installation of photo¬
March 7, 1962
Proceeds—
plant expansion, equipment, debt repayment and
working capital.
Office—South Main St., Union, 111.
Underwriters—Pierce, Carrison, Wulbern, Inc., Jackson¬
ville, Fla. and A. M. Kidder & Co., Inc., N. Y.
graphic processing and control equipment.
Proceeds —
advertising, expansion and equipment. Office—9821
Foster Ave., Brooklyn, N. Y.
Underwriter—Amber, Bur¬
for
stein
&
Co., Inc., N. Y.
Automatic
Controls, Inc. (6/20)
Dec. 28, 1961 filed 50,000 common. Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and automatically operate indus¬
trial machinery and processes.
Proceeds—For general
corporate purposes. Office—3601 Merrick Rd., Seaford,
Underwriter—S. Schramm &
are
to
be
offered
by the
•
company
California, Inc. (6/18-22)
("Reg. A") 85,000 common.
Price—$3.
Business
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of¬
fice—1621 S. San Pedro St., Los Angeles. Underwriter
—Adams & Co., Los Angeles.
Beryllium International, Inc.
filed 1,000,000 common. Price—$5. Business
—Company plans to manufacture various type beryllium
products. Proceeds—For land and buildings, equipment,
and working capital. Office — 528 Union Trust
Bldg.,
Washington, D. C. Underwriter—None.
of which 125,and 25,000 by
Price—By amendment. Business—Sale and
a photocopy machine and supplies.
Pro¬
equipment, expansion, and working capital.
Office—153 W. 36th St., N. Y. Underwriter—None.
•
Foundations, Inc.
filed 185,000 common, of which 36,500
are to be offered by the company and 148,500
by stock¬
holders. Price—By amendment (max. $20). Business—
Design and manufacture of popular priced foundation
•
Babs, Inc. (6/18-22)
27, 1961 filed 150,000 common. Price—$4. Business
—Sale of dairy products, through "Dairy Drive-ins."
Proceeds—For debt repayment and working capital.
23,
1962
garments. Proceeds—For working capital. Office—38-01
Of¬
47th
Ave., L. I. C., N. Y. Underwriter—Smith, Barney &
Co., N. Y. Offering—Temporarily postponed.
fice—32550 Pulaski
Dr., Hayward, Calif. Underwriter—
Pacific Coast Securities Co., San Francisco. *
Bacardi
Corp. (5/28-6/1)
1962 filed 35,000 common. Price—$50. Busi¬
ness—Distilling and bottling of "Bacardi" rum. Proceeds
—For a selling stockholder. Address—San Juan, Puerto
Bestform
Feb.
Nov.
8,
1961
Feb. 1, 1962
ceeds—For
•
27,
—
distribution of
March
Berne of
Oct.
Co., Inc., N. Y.
Automatic Marker Photo Corp.
Dec. 1, 1961 filed 150,000 class A shares,
rights to expire
May 28, 1962. Price-r$22. Proceeds—For debt repayment.
Office—20 Elm St., Pittsfield, Mass.
Underwriter—Smith,
Barney & Co., N. Y.
For
N. Y.
Gas Co.
Feb. 20,
Underwriter—First Investment Planning Co., Wash¬
stockholders.
unit. Proceeds—Exploration and drilling for
oil and gas in Canada. Office—523 Marquette Ave., Min¬
neapolis.
Underwriters-VThe company and APA, Inc.,
Minneapolis (a subsidiary).
per
Y.
Barker
corporate purposes. Office—14 W. 55th
St., N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., N. Y. Note—This offering has been
temporarily
postponed.
&
Price—$4.
March 15, 1962 filed 200,000 common.
the
Publishing Co., Inc.
Jan. 29, 1962 ("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
ment.
common.
definitely postponed.
Ascot
Apache
are
N.
and
000
Arde
$1,000
working capital.
Office—1030 Pearl St.,
Long Branch, N. J. Underwriter—Mortimer B. Burnside & Co., Inc., N. Y.
—For
Associates, Inc.
("Reg. A") 50,000
1961
1,
ceeds—For
Artlin Mills, Inc. (5/28-6/1)
Sept. 28, 1961 filed 135,000 class A common shares. Price
—$5.
Business—The purchase, conversion, decoration,
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For inventory, repayment
of
&
mortgage lending company.
Business—Aeronautical research and development.
purchase of addi¬
tional equipment.
Office — 32 Industrial Ave., Little
Ferry, N. J. Underwriter—Gianis & Co., Inc., N. Y.
March 21,
$7,500
one
A
—
—
exhaust fans and kitchen cabinet hardware.
posable
Sept.
By amendment.
Business—Manufacture of hydraulic system devices and
parts for the aircraft and missile industries, etc. Pro¬
Va.
Department Stores, Inc.
April 27, 1962 filed 100,000 common.
Southbridge, Mass.
& Co., N. Y.
to
Securities
American Israel Investment Co., Inc.
Barish
warrants
'
.
Proceeds—For general corporate purposes. Address—108
Achad Haam St., Tel-Aviv, Israel. Underwriter—Adanim
Road, La Jolla, Calif. Dealer-Manager—Argus Fi¬
Corp. (same address).
Industries, Inc.
Business
amendment.
Office—1118 Torrey
Dec. 29, 1961 filed $600,000 of 6% convertible subordi¬
nated debentures
and 36,000 common stock purchase
ture
American Plan Corp.
American
company
nancial Sales
Arnav
'
v
Bank "Adanim" Mortgages & Loan Ltd.
Dec. 29, 1961 filed $556,000 of 6% cumulative preference
dividend participating dollar-linked shares.
Price—By
named.
Price—$10.
Proceeds—For corporate
Office—320 Park Ave., N. Y.
purposes.
investment
•
April 11, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Company plans to sell "puts and calls" and
may act as a broker-dealer. Proceeds—For general cor¬
porate purposes. Office—120 Broadway, N. Y. Under¬
writer—Provost Securities, Inc., N. Y.
Jan.
open-end
Proceeds—For investment.
nesses.
Feb.
American
diversified
'
j>
Underwriter—Eastman Dillon, Union
Co., N. Y.
savings and loan associations, and allied financial busi¬
debenture
(6/18-22)
Feb.
capital.
.
Rico.
-
Feb.
which plans to participate in the long-term progress of
(6/11-15)
March 26, 1962 filed 548,532 common to be offered for
subscription by stockholders on the basis of 3.6 new
American
*
29
4
<
ir Betz Oil, Inc.
May 14, 1962 ("Reg.
cents.
A")
Business—General
1,200,000 common.
oil
and
gas.
Price—25
Proceeds—For
Continued
on
page
30
30
(
■'
,
The Commercial and Financial Chronicle
(2466)
Continued from page
debt
drilling of wells and other corporate
Office—168 N. Third St., Las Vegas, Nev.
ers.
and
Rosen &
ment. Business—General real estate.
payment and working capital. Office—324 E. Bixby Rd.,
Long Beach, Calif. Underwriter—To be
Top Stores, Inc.
April 30, 1962 filed 85,000 common. Price—$4. Business
—Operation of retail toy, stationery and variety stores.
Proceeds—For expansion and working capital. Office—
Beg
Bldg., Miami, Fla.
Co., Inc., N. Y.
743
Industries, Inc.
Proceeds—To
lated
a
like
amount
Church
Underwriter—Marshall
ver.
2.
■
Casavan Industries,. Inc.; < ;
f
^
'*V
Engineering Co.
Aug. 21, 1961 filed 350,000 capital shares. Price
$7.
May 11, 1962 filed $400,000 of 6%%'s. f. subord. deben¬
Business—Production of plastics, marble and ceramics
tures due 1974; also 109,990 common, of which 100,000
will be sold by the company and 9,990 by stockholders. : for the packaging and building industries. Proceeds—
For expansion, leasehold improvements, repayment of
Price—For debentures, at par; for stock, by amendment
loans and other corporate purposes).
Office—250 Vree/(max. $9). Business—Manufacture of automotive parts,
land Ave., Paterson, N: J. Underwriter—Foundation Se¬
lock nuts and certain aluminum products.
Proceeds—
curities, Inc., N. Y. 'V;' I'.
For debt repayment, working - capital and purchase of
*
and plant.
Office—19001 Glendale Ave.,
Underwriter—Watling, Lerchen & Co., Detroit.
>
Brinkmann
26,
filed
are
shares
by
$7.75).
Business—Importing and
to
be
offered
common
77,420
22,580'
(max.
five
March
ness
in
Kansas.
•
Industries
Centco
April 30,
1962 filed 120,000
Distributors, Inc.
29, 1962 filed 100,000 common. Price—$5. Busi¬
Operation of self-service discount department
—
Proceeds—To retire outstanding debentures, and
working capital. Office—1101 Albany Ave., Hartford,
Conn. Underwriter—Giariis & Co.,
Inc., N. Y. Offering—
Expected sometime in July.
stores.
for
common.
St., Whitestone, N. Y. Underwriter—Arnold Malkan &
Co., Inc., N. Y. Offering—Expected in late August.
Center Star Gold
Buddy L. Corp. (6/18-22)
April 2, 1962 filed 225,000 common. Price—By amend¬
ment (max. $10). Business — Design, manufacture and
Mines, Inc.
April 10, 1962 ("Reg. A")
cents.
Business—For
1,200,000
common.
Price—25
exploration, development and
pro¬
duction of mineral deposits.
quisition of another toy company. Office—200 Fifth
N. Y. Underwriter—Milton D. Blauner &
Co.,
Proceeds—For mining ex¬
Address—Box 469, Wallace, Idaho. Underwrit¬
ers—Pennaluna & Co. and Standard Securities, Inc.,
Spokane, Wash.
• Burton Mount
Corp.
Sept. 22, 1961 filed 100,000 common. Price—$6. Business
—Importation and distribution of copying machines and
Business—A
sale of various type toys. Proceeds—For
a
proposed
ac¬
penses.
Ave.,
Inc., N. Y.
Central Acceptance Corp. of Delaware
Nov. 29, 1961 filed 150,000 class A common. Price—$5.
sales finance company. Proceeds—For ex¬
pansion. Office—526 North Ave. East, Westfield, N. J.
supplies. Proceeds—Repayment of debt, inventory, sales
promotion and other corporate purposes. Office—2147
Jericho Turnpike, New Hyde Park, N. Y. Underwriter—
Reiner, Linburn & Co., N. Y. Offering—Imminent.
Calev
Photolabs, Inc.
Jan.
—
Jan.
(6/4-8)
29, 1962 filed 93,000 common. Price—$3,25. Busi¬
Company processes black and white arid color
photographic film, and sells photographic supplies and
equipment/ Proceeds—For sales promotion, equipment
and repayirient t>f loans. Office—21r20 45th
Rd., Lv I. C.,
N. Y. Underwriter—Amber* Burstein &
Co., Inc., N. Y.
ness
Underwriter—To be named.
4 Central
are
i
Investment
&
each
stockholders
100 shares
on
the basis of $150 of debentures for
held*
Price—At par. Business3—Manu¬
electrical, electronic and mechanical systems
and components, and replacement parts for aircraft, missiles arid naval vessels. Proceeds—For working capital.
West
32nd
St., Cleveland.
Co., Miami, Fla.
(6/11-15)
26, 1962 filed 60,000 common, of which 50,000
to be offered by the company and 10,000 by stock-
,
Price—By amend¬
(max. $34). Business—Manufacture of trucks, selfpropelled construction machinery and highway trailers.
Proceeds—For
selling
stockholders.
Office—324
E.
Dewey Ave., Buchanan, Mich.
Underwriter—Blyth &
Co., Inc., N. Y.
+
.
if Clark Semiconductor Corp.
'
May 14, 1962 ("Reg. A") 900 units, each consisting of 185
common shares and one $170.05 5%
debenture. Price^$220 per unit. Business—Manufacture and sale of high
frequency power transistors and similar devices. Pro¬
ceeds—For debt repayment.
/-
J.
Office—Walnut Ave.,. Clark,
Underwriter—None.
..
Coburn Credit Co.,
Inc.
April 27, 1962 filed $5,000,000 of conv. subord deben¬
tures, due 1982.
Price—By amendment.
Business—A
consumer
sales finance company.
ing capital and
Proceeds—For work¬
general corporate purposes. Office—53
N.
Park Ave., Rockville Centre, N. Y.
Brand, Grumet & Seigel, Inc., N. Y.
Underwriter-
College Publishing Corp. (6/4-8)
1962 ("Reg. A") 155,000 common. Price—$1.
Business—Composition, publication and distribution of
study manuals for examination preparation. Proceeds—
For equipment, expansion and other corporate purposes.
Office—142 Livingston St., Brooklyn, N. Y. Underwriter
—James Co., N. Y.
March 16,
Board Co.
Colonial
(6/15)
March 28,
are
1962 filed 164,000 common, of which 115,000
by the company and 49,000 by stock¬
Price—By amendment (max. $15). Business—
to be offered
holders.
Manufacture of shoeboard and boxboard.
Mortgage Co.
Underwriter—
*
ment
N.
Price—$5. Busi¬
ness—Manufacture of plastic and rubber film laminates,
a
line of casting, laminating and embossing machinery.
Proceeds—For new products, debt repayment, inven¬
tories and working capital.
Office—11-17 Clintonville
(Michael)
V-..-
Clark Equipment Co.
March 22, 1962 filed 125,000 common.
construction
Corp.
Co., Inc., N. Y.*
Clark Cable Corp.
April 30, 1962 filed $787,500 of QV2% conv. subord. de¬
bentures due 1972 to be offered for subscription by com¬
Office—3184
The securities will be
Proceeds—For
Cine-Dyne, Inc.JH.:. :■ / ■ ■■' "*►-;/■,;•
April 9, 1962 filed 100,000 common. Price—$4. BusinessProduction of motion pictures and TV films. Proceeds—
For production of a picture, equipment, debt repayment
and working capital. Office—40 E, 49th St., N. Y. Under¬
Robert L. Ferman &
(6/4-8)
of
mausoleums
and
working capital.
Office—3096
Hutchings St., Kansas City, Kan. Underwriter—Bernard
M. Kahn & Co., Inc., N. Y.
instruments.
ment,
Bruce
cemeteries
(6/21)
facture of
offered in units consisting of $100 of debentures and 13
shares.
Price—$178 per unit. Business—Operation of
distribution of scien¬
Proceeds—For research and develop¬
equipment, debt repayment and other corporate
purposes. Office—115 Cutter Mill Rd., Great Neck, N. Y.
Underwriter—D. B. Marron & Co., N. Y.
tific
shares by stockholders.
Cincinnati Gas & Electric Co.
mon
it
March 27, 1962 filed $500,000 of 7% conv. subord. deben¬
tures due 1974 to be offered by the company and 65,000
Instruments,
Inc.
100,000 common, of which
by the company and
stockholders. Price—By amendment
1962
shares
America, Inc.
Proceeds—For
Bailey Ave., Fort Worth, Tex.
Management, Inc., Fort Worth.
writer—R. A. Holman &
20, 1962 filed 9,964 common. Price—$100. Business
Company plans to qualify as a public utility and
furnish
water
and
sewage
disposal services in and
around Cedar Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake, Ind. Underwriter—None.
of
Office—501
r
:
March
Cemeteries
share. Business—A closed-end diver¬
per
management investment company.
::
—
Bridge Electronics Co., Inc.
Nov. 29, 1961 filed 225,000 common, of which 200,000 are
to be offered by the company, and 25,000 by the stock¬
holders. Price—$4. Business—Design and manufacture of
electronic equipment and communication systems. Pro¬
ceeds—For general corporate purposes. Office—201 Lau¬
rel St., Beverly, N. J. Underwriter—To be named.
of which
and 75,000 by
common,
company
Office—139 East Fourth St., Cincinnati. Un¬
derwriters—(Competitive).
Probable bidders: Merrill
Lynch, Pierce, Fenner & Smith Inc.-Lehman Brothers
(jointly); Morgan Stanley & Co.-W. E. Hutton & Co.
(jointly); Halsey Stuart & Co. Inc.; Blyth & Co., Inc.First Boston Corp. (jointly); Eastman Dillon, Union Se¬
curities & Co.-White, Weld & Co.
(jointly).
Bids—
Expected June 21. Information Meeting—June 18 (11
a.m. EDST)
at Irving Trust Co. (47th floor), One Wall
St., N .Y.
:<\\y •< v"
Cedar Lake Public Service Corp.
office
m
struction.
Braun
Detroit.
i
May 7, 1962 filed $25,000,000 of first mortgage bonds due
1992.
Proceeds—To repay bank loans and finance con¬
Underwriter—None.
28, 1962 filed 400,000 common. Price—$3.60. Busi¬
small business investment company. Proceeds
—For general corporate purposes. Office—23 Dronningens Gade, St. Thomas, Virgin Islands. Underwriter—
Richard J. Buck & Co., N. Y.;
/
; *
-
.
Distributor—Associates
equipment. Proceeds—For equipment and the pay¬
licensing fees. Office—1123 Delaware St., Den¬
ness—A
.
Builders, Inc.
investment.
Feb.
Office—182 Tremont St., Boston.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; First Boston Corp.; Harriman Rip¬
ley & Co., Inc.; White, Weld & Co.; Lehman Brothers.
Bids—Expected June 14.
to be offered by the
Price—$5.50
sified
Caribbean Capital Corp.
bonds due Oct. 1, 1989.
-
Feb. 6, 1961 filed 50,000 shares of common stock, series
ment of
514%
of
are
-
specialties. Proceeds—For equipment, research and de¬
velopment, and working capital. Office—341 Vassar St.,
Cambridge, Mass. Underwriter—Gianis & Co., Inc., N. Y.
(max.
•'
•
27, 1962 ("Reg. A") 36,000 common. Price—$5.
Business—Development, manufacture and sale of plastic
if Capitol Leasing Corp.
-May 7, 1962 ("Reg. A")
150,000 common. Price—$2.
Business—Leasing of auto-type utility trailers and re¬
'
refund
Milwaukee.
Co., N. Y., and Laird,
Hill
April
—
(6/14)
1962 filed $15,000,000 of first mortgage bonds
18,
St.,
&
facture of women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter,— Clayton Securities
Corp., Boston, Mass. Offering—Expected in August.
Capital Management Corp.
Dec. 27 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness—An investment company which will hold mort¬
gages, land contracts, etc.
Proceeds — For investment.
Office—44 E. Indian School Rd., Scottsdale, Ariz. Under¬
writer
Pacific Underwriters, Inc., Scottsdale, Ariz.
Note—The SEC has issued an order temporarily sus¬
pending this issue.
★ Boston Edison Co.
1992.
Fourth
Hutton
Chomerics, Inc.'
Price—By amendment
Co.
stockholders. Price—$7.50. Business—Design and manu¬
Underwriter—Willis E. Burnside &
Co., Milwaukee.
(6/11-15)
Mar. 26, 1962 filed $2,000,000 of conv. subord. deben¬
tures due 1977. Price — At par. Business — A holding
company for 16 subsidiaries in the real estate and gen¬
due
225,000
Business—A small business investment company.
investment. Office—
N.
E.
Industries^ Inc.
29, 1961 filed 300,000 class A
Nov.
Enterprises, Inc.
shares held.
Mortgage
Meeds, Wilmington, Del.
Chestnut
Proceeds—For debt repayment and
—
May
each two
$10).
Chemical Corp.
N. Y.
Underwriters—W.
-Bissell &
^ Capital Investments, Inc.
May 21, 1962 filed 86,370 common to be offered for sub¬
scription by stockholders on the basis of one new share
for
&
new shares for each five held of reoord
April 30 with
rights to expire May 29, 1962. Price—$28. Proceeds—For
construction and debt repayment. Office—Norwich, N. Y.
homes, apartment houses, motels, etc. Proceeds—
and expansion. Office—309 Ainsley
erect
1962 filed 120,000 common/Price—$3. Business
—The processing of plastic raw materials into
com¬
pounds for extruding and moulding into plastic prod¬
ucts. Proceeds
For debt repayment, equipment and
working capital. Office—35 Pequit St., Camden, Mass.
Underwriter—Godfrey, Hamilton, Taylor & Co., Inc.,
N. Y. Offering—Expected sometime in June.
Cohon & Co.,
/
For debt repayment
Jan. 29,
contracting business. Proceeds—For general cor¬
porate purposes. Office—2600 Popular Ave., Memphis,
Tenn.
Underwriters—Lieberbaum &. Co., and Morris
Hills
Canaveral
& Associates, Inc.
eral
,
be offered
May 10, 1962 filed 100,000 common. Price—$5. Business®
—Company was formed to own and operate a country
club and golf course, swimming pool and cabana club,
near
Cape Canaveral, Fla., and develop real estate,
promotion and expansion. Office—10419 'Fawcette St.,
Kensington, Md. Underwriters—Jones, Kreeger & Co.,
and First Investment Planning Co., Washington, D. C.
Offering—Postponed.
Blootrifield Building
•
Investment
Chenango & Unadella Telephone Corp.
30, 1962 filed 52,362 common, being offered for
subscription by common stockholders at the rate of two
ment, inventory and working capital. Office—Fajardo,
Puerto Rico. Underwriter—Schweickart & Co., N. Y.
March 15, 1962 filed 80,000 class A common. Price—$3.
Business—Application of electronic and mechanical data
processing techniques to solution of problems for gov¬
ernment and industry.
Proceeds—For equipment, sales
Biane
(6/4-8)
Continental
Chemical
March
12, 1962 filed 190,000 common, of which 120,000 are
by the company and 70,000 by stockhold¬
ers.
Price—$5. Business—Manufactuer of women's and
children's tailored panties. Proceeds—For debt repay¬
Scarsdale, N. Y. Underwriter—Irwin
(Ernest E.)
Lingerie, Inc.
Cameo
to
Biologies International, Inc. (7/16)
March 30, 1962 filed 125,000 common. Price—$3. Business
—Company plans to breed and supply animals for bio¬
logical research purposes. Proceeds—For equipment and
general corporate purposes. Offices — 7520 Bergenline
Ave., North Bergen, N. J. Underwriter—None.
Mar.
Thursday, May 24, 1962
~
named.;
Feb.
Karp & Co., Inc., N. Y.
Blanche
Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
Proceeds—Debt re¬
expansion,
leased
.
Coatings Corp. (7/16-20)
Dec. 27, 1961 filed 75,000 common. Price—$5 Business—
Manufacture of paints particularly for use in tropical
and
semi-tropical climates. Proceeds—for equipment
and working capital. Address—Santurce, Puerto Rico.
Underwriter—Arnold Malkan Growth of Puerto Rico,
Inc., Cabrer Bldg., Ponce de Leon Ave., Santurce, P. R.
Appel, N. Y.
Cambridge Fund of California,
inventories, working capital and other
corporate purposes. Office—249 W. 34th St., N. Y. Under¬
writer—Amber, Burstein & Co., Inc., N. Y.
•
23rd
Office—220E.
30, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Operation of one discount merchandise center
and four ladies' hosiery and lingerie stores. Proceeds—
named
capital and other corporate purposes.
St., N. Y.
Underwriter—Philips,
working
tory,
Big Mart Discount Stores
30,
be offered by company
to
are
March
832 Scarsdale Ave.,
Electronics, Inc.
1962 filed 80,000 common, of which 40,000
and 40,000 by stockhold¬
Price—By amendment (max. $5). Business—Sale
distribution of electronic tubes.
Proceeds—Inven¬
March
Underwriter—None.
•
.
St., N. W., Atlanta, Ga. Underwriters—Joseph Walker &
Sons, N. Y. and Clark, Landstreet & Kirkpatrick, Inc.,
Nashville, Tenn. Note — This company formerly was
Calvert
29
repayment,
purposes.
For
.
''
Proceeds—For
expansion, equipment and debt repayment. Office—615
Parker St., Manchester, N. H. Underwriter—Putnam &
Co., Hartford, Conn.
holders; also $1,200,000 of 8%% convertible subordinated
•
debentures
Feb. 23,1962 filed $30,000,000 of convertible subordinated
debentures due 1987 and 1,500,000 common to be offered
tures:
due
at par.
1974. Price—For
Business—Company
stock:
$5; for deben¬
was formed to hold
mortgage company, an insurance agency
development company. Proceeds—For
debt repayment and working capital. Office—44
Forsyth
the stocks of
and
a
a
real estate
Columbia
in units of
Bancorporation
one
$20 debenture and
one share. Price—By
holding company recently
of First Western Bank &
amendment. Business—A bank
formed
(6/25)
to"* acquire
stock
y»»Ji
Volume
Trust
6162
Number
195
.
.
.
The Commercial and Financial Chronicle
Los Angeles. Proceeds—For acquisition of
stock, and working capital. Office—1000
Vermont Ave., N. W., Washington, D. C. Underwriters—
Bear, Stearns & Co. and Allem& Co., N. Y.
Western
Columbia
Gas
Systems, Inc. (6/7)
April 26, 1962 filed $25,000,000 of debentures due 1987.
Proceeds—For
construction.
Office—120
E.
41st
St.,
N. Y.
Underwriters—(Competitive).
Probable bidders:
Merrill Lynch,
Pierce, Fenner & Smith Inc.,-White, Weld
& Co. (jointly); Morgan Stanley & Co.; Halsey, Stuart &
Co. Inc. Bids—Expected June 7 (11 a.m. EDST) at the
company's office.'
Commerce
Drug Co.,
Nov. 21, 1961
corporate purposes.
Inc.
Commercial Trust Co.
■;
=
May 16, 1962 filed 150,000 common. Price
(max. $13). Business—Acquisition
of mortgage
•
acts
—
or
By amend¬
administra¬
loans for institutional investors. Com¬
as
with.
St., N. E., Atlanta. Underwriters—F. S. Moseley & Col,
Courts & Co., Atlanta.
Boston and
Applications Inc.
March 23, 1962 filed 87,000 common. Price—By amend¬
ment (max. $5).
Business—Furnishing of services re¬
lated to use of electronic data processing equipment.
Proceeds—For expansion and working capital.
Office—
30 E. 42nd St., N. Y. Underwriter—L. M. Rosenthal &
Co., Inc., N. Y.
:\: V:;///;//.;^,
Computer
•
Computer Components,
inc.
Dec.
6, 1961 filed 120,000 common, of which 90,000- are
offered by the company and 30,000 by stockhold¬
ers.
Price—$3. Business — Manufacture of miniature
coils for relays used in computers, aircraft, missiles^and
guidance systems. Proceeds—For general corporate pur¬
poses.
Office—88-06 Van Wyck Expressway, Jamaica,
to be
N. Y. Underwriter—To be named.
Computer Concepts Inc.
:
Price
(5/29)
Computer Control Co., Inc.
(6/4-8)
^
Jan. 24,
1962 filed 157,500 common, of which 62,500 are
by the company and 95,000 by stockhold¬
ers. Price—By amendment. Business—Design and manu¬
facture of digital equipment. Proceeds—For
debt re¬
payment. Office—983 Concord St., Framingham, Mass.
Underwriter—Kidder, Peabody & Co., N. Y.
to be
offered
Computers, Inc.
April 2, 1962 filed 10,000 common. Price—$40. Business
—Design, engineering, manufacture and sale of compu¬
ting systems and process control equipment. Proceeds—
For equipment, inventory and working capital. Office—
5123 Glenmont
•
Dr., Houston. Underwriter—To be named.
Concord
Products, Inc.
Nov. 28, 1961 filed 120,000
year warrants to purchase
(6/18-22)
common
(with attached
an
additional
60,000
3-
shares
at $2 per share)
to be offered in units of one share and
one-half warrant. Price—$2- per unit. Business—Manu¬
facture of
cosmetics, toiletries, cleaning chemicals, jewelery, etc. Proceeds — For general corporate purposes
Office
525-535 E. 137th St., New York City.
Under¬
writer—M. G. Davis, 150 Broadway, N. Y.
—
Concors
Oct.
Supply Co.,
Business—Sale
Proceeds
of
Inc.
125,000 class A
1961 filed
19,
food
service and
Price—$3
common.
kitchen
equipment
For
equipment, debt repayment and other
corporate purposes. Office—110 "A" St., Wilmington, Del
—
Underwriter—To be named.
Consolidated
Inc.
Continental
May
16,
1962> filed $100,000,000 of first and refunding
bonds due 1992. Proceeds—For construction.
Underwriters—(Com¬
petitive).
Probable bidders on the bonds: First Boston
Corp.; Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.
Bids—Expected June 19 (11 a.m. EDST) at company's
Information
Meeting—June
11,
1962
(10
a.m.
EDST).
Consolidated Leasing Corp. of America
April 27,
tures
due
1962 filed $1,100,000 of 6Y2% subord. deben¬
1977
(with warrants); also 305,000 common
shares, of which 285,000 will be sold by company and
20,000 by stockholders. Price—For debentures, at par;
for stock, by amendment'(max. $9). Business—Renting
of cars, trucks and equipment. Proceeds—For debt re¬
payment, an acquisition and other corporate purposes.
Office—1012 Baltimore Ave., Kansas City, Mo.
Under
writer—Blair & Co., N. Y.
.
Consolidated Vending Corp.
.
•/
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt
repayment working capital and other corporate purposes.
Office—129 S. State St., Dover, Del. Underwriter—Dana
Securities
•
Co., Inc., N. Y. Offering—Expected in July.
Mart of America, Inc. (6/18-22)
filed 72,000 common. Price—By amendment
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working capital. Office—4701
N.
Harlem
Ave..
Chicago.
Underwriters—Rittmaster,
Consumers
Jan. 8, 1962
Voisin
Kansas
&
Co..
Telephone CoV
(F. J.), Inc.
„
ates and Bull
(6/4-8)
Underwriters—John
Price—By
R.
Maher
Associ¬
amendment.
Business—Company,
Government, is the sole
supplier of telephone service to the major Danish islands
by
N
Y.
City, Mo.
and
Midland:
Securities
Co..
Inc.,
N.
Y.
(S.)
& Son, Inc*
basis
of 13
shares for
new
each
shares heldi
53
Address
—
Sandy Hook;
Underwriter—Smith, Ramsey & Co., Inc., Bridge¬
consisting of $100 of debentures and three war¬
Price—$100 per unit. Business—Operation of a
public transit system in Washington, D. C.; a new sub¬
sidiary to construct housing projects in Washington,
D. C.
Proceeds—For construction and general corporate
Office—3600 M St., N. W., Washington, D. C*
purposes.
Underwriter—None.
• Dart
Drug Corp. (5/29)
May 10, 1962 filed $1,000,000 of
due
& Low. N. Y.
owned
Inc.,
units
Copenhagen Telephone Co., Inc. (5/29-6/1)
May 1, 1962 filed $15,000,000 of s. f. dollar
debentures
1977.
Co.,
rants.
125,000 common. Price—$3.75. Business-r-Manufacture of high vacuum systems and elec¬
tronic equipment. Proceeds — For debt repayment and
general corporate purposes. Office—145 Water St., South
Conn.
&
D. C. Transit
Systems, Inc.
April 30; 1962 filed $3,150,000 of 6%% conv. subord. de-*
bentures due 1977 and five-year warrants to purchase L
ah aggregate of 94,000 class A
shares, to be offered for
subscription by holders of class A and class B stock in
U.
29, 1961 filed
Norwalk.
Kahn
port, Conn.
.
Cooke
M.
building and-equipment:
Conn.
Oct. 24, 1961 filed 500,000 common. Price—$1.15.- Busi¬
ness—Development and production of electronic testing
and training devices: Proceeds — For expansion
and
working capital. Office—9340 James Ave., S., Minne¬
apolis. Underwriter—E. Bruce Co., Minneapolis. Note—
This firm formerly was named Control Dynamics, Inc.
Dec.
Bernard
duction^ wooden handles and paper boxes. Proceeds—
(6/4-8)
Inc.
the
For
Co., N. Y. Offering—Expected in June.
ControlDyne,
—
Rights will expire June L Price—$18.50. Business—Pro¬
St., St. Louis. Underwriters—Allen & Co. and
E. F. Hutton &
Curtis
on
Research; Inc.
("Reg. A") 50,000 common.
Price—By amend¬
(max. $15). Business—A telephone holding com¬
Proceeds—For debt repayment.
Office—111 S.
Bemiston
debt
April 11; 1962 ("Reg. A") 13,000 common being offered
for subscription by stockholders of record
April 30, 1962
the Danish
1977.
Price—At
conv.
subord. debentures
Business—Operation
par.
14
of
discount retail drug stores primarily in the
Washington,
D. C. metropolitan area. Proceeds—For debt
repayment,
working capital and expansion. Office—5458 Third St.,
N. E., Washington, D. C.
Underwriters—Laird & Co.,
Wilmington, Del. and Jones, Kreeger & Co., Washings
ton, D. C.
Data Systems Devices of Boston, Inc.
April 26, 1962 filed 200,000 common. Price—$5. Business
—Company plans to design, develop and produce elec¬
tronic and electro-mechanical
for
devices, including printers
electronic computers.
of
Proceeds—For product devel¬
opment,- new plant and equipment and working capital;
For construction;
Office—342
Zealand, Lolland-Falster and Bornholm. Proceeds—
Office—Copenhagen Denmark. Under¬
writers—Smith, Barney & Co., Inc.; Kuhn, Loeb & Co.
Inc.; Harriman Ripley & Co.> Inc.; Lazard Freres & Co.
Western
Ave.,
Boston.
Underwriter—
Schmidt, Sharp, McCabe & Co., Inc., Denver, j
;
•
Davis
Inc. (5/29-6/1)
Dec. 28, 1961 filed 60,000 common. Price—by amendment
($15 maximum) Business—manufacture of photo-copy
Nov.
machines and
$3.25
Copymatcon,
the distribution of office copy machines,
laboratory equipment, etc. Proceeds—For
general corporate purposes. Office—5642-50 N. Western
photographic
Ave.,
•
Chicago, Underwriter—Kenneth Kass, N. Y.
Corporate Funding Corp.
April 26, 1962
$4. Business
Price
—
A financial investment and holding
company. Proceeds—For expansion and working capital
Office—39 Broadway, N. Y.
Underwriter—R. F. Dowd
& Co. Inc., N. Y.
common,
Cost-Pius, Inc.
1
May 14, 1962 filed 157,000 common, of which 127,000 are
be
offered
by company and 30,000 by stockholders.
Price—By amendment (max. $5). Business—Importing
and marketing
prices.
furniture, household and art goods at dis¬
Proceeds—For working capital. Office—
Bay St., San FranciscoUnderwriter—Stewart, Eu-
Country Set, Inc. (6/11-15)
2, 1962 filed 150,000 common. Price—By amend¬
(max. $8). Business—Design and manufacture of
sports and casual wear for girls and women.. Proceeds
—For selling stockholders. Office — 1136 Washington
Ave., St. Louis. Underwriter—Goodbody & Co., N. Y.
Mar.
ment
^ Courtesy Products Corp.
May 16, 1962 filed 150,000 common1; Price—By amend¬
ment
(max. $5).
Business—Manufacture, and sale or
lease to
hotels and
motels of electric wall units for the
preparation of coffee, and the sale of coffee, tea, cream,
etc. Proceeds—For debt repayment, advances to a sub¬
sidiary and general corporate purposes.
Office—1411
Palm St., San Diego, Calif
Underwriter—Pacific Coast
Securities Co., San Francisco.
Cousins
March
29,
debentures
Decorative
Feb. 26, 1962
1962
filed
$1,000,000 of
due
1972,
60,000
QM>%
subordinated
shares, and war¬
rants to purchase 20,000 common shares. The securities
will be offered in units of one $100 debenture, 6 shares
and a warrant to purchase 2 shares. Price—By amend¬
ment (max. $140). Business—Engaged in residential real
estate development. Proceeds—For debt repayment and
other corporate purposes. Office—905 Fifteen Peachtree
Bldg., Atlanta, Ga. Underwriters—McDonnell & Co., Inc.,
N. Y., and Wyatt, Neal & Waggoner, Atlanta.-OfferingExpected sometime in June.
common
Credit Department, Inc.
Jane 26, 1962- filed $1,200,320 of 7%r conv. subord; de¬
bentures due 1974 and 54,560 common shares to be
offered ih 2,728 units, each consisting of $440 of deben¬
was
withdrawn.
Interiors, Inc.
("Reg. A") 52,000 class A
common.
Price—«
$2.50. Business—Manufacture of draperies, furniture and
bed spreads for hotels and institutions. Proceeds—For
expansion
W.
other
and
corporate
purposes.
Office—1191
22nd
St., Mami, Fla. Underwriter—Lancer
curities Co., 92 Liberty St., N. Y.
/
Decorel
Dec.
are
29,
to
Se¬
Corp. 5/28-6/1)
1961
be
filed
120,000 common, of which 90,000
by the public and 30,000 by a stock¬
offered
holder. Price—By amendment. Business—Production and
sale of wood and metal framed pictures, wood
utility
frames, etc. Proceeds—For debt repayment, inventory^
and working capital. Office—444 Courtland
St., Mundelein, 111, Underwriter—Clayton Securities Corp., Boston^
Mass.
DeLuxe
Homes, Inc. (5/29-6/1)
11,. 1961 ("Reg. A' ) 60,000 common. Price1— $5.
Construction and financing of shell homes.
Proceeds—For working capital.
Address—Allendale, S; C.
Underwriter—Alessandrini & Co., Inc., N. Y.
Dec.
Business
—
Deuterium Corp^
Sept. 28, 1961 filed 140,000 common with attached war*rants to purchase an additional 140,000 shares to
be
offered for subscription by stockholders in units (of one
share and one warrant) on the basis of 3 units for each
5% preferred share held, 2 units for each 5% preferred
A
stock
held.
held
and
Price—$20
one
per
unit
for
each
10
class
shares
B
unit. Business—Company plans tt>
manufacture and utilize all kinds of chemical materials!.
Proceeds—For
small
start-up
expenses
plant.
Office—360
U nder writer—None.
Dextra
for
Lexington
a
laboratory
Ave.,
New
and
Yorki
Corp.
Feb.
28, 1962 filed 300,000 common. Price—By amend*(max. $6). Business—Manufacture and test mar¬
keting of a vitamin-enriched sugar. Proceeds—For debt
ment
repayment,
expansion and
Address—Drawer
Properties Inc.
'/
Union St., Brooklyn, N. Y.
Underwriters—
Kampstead Investing Corp., and Atlas Securities Corp/,
N.
of which 165,000 are
to be offered for public sale by the company and 66,444
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business — The manufacture
and distribution of phonograph records. Proceeds—For
the repayment of debt, and working capital. Office—315
W. 47th St., N. Y. Underwriter—Van Alstyne, Noel &
Co., N. Y. Note;—This firm was known formerly as the
Cosnat Record Distributing Corp.
to
per unit. Business—Manufactures educational toys.
Proceeds—To repay debt and increase working capital.
Office—794
common.
Cosnat Corp.
(6/4-8)
May 26, 1961 filed 231,444
(H.) Toy Corp.
•
^ w
1
27, 1961 filed 100,000 capital shares (with attached
warrants to purchase an additional 100,000
shares), to be
offered in units of one share and one warrant.
Price—
N. Y. Note:—This registration
(5/28-31)
("Reg. A") 75,000 class A
banks, Meyerson & Co., San Francisco.
Office—4 Irving Place, New York.
office.
•
Corp., Salt Lake City.
withdrawn.
March 30, 1962 filed 475,000 common.
pany.
unit;
per
ceilings. Proceeds—For debt repayment and expansioni
Office—1925 Euclid Ave., San Diego. Underwriter —
Holton, Henderson & Co., Los Angeles.
Highway, Golden Valley, Minneapolis.
Underwriter—Harold E. Wood & Co., St. Paul.
ment
Price—$550
sales finance company. Proceeds
repayment.
Office—1775 Broadway, N, Y.
consumer
Mar. 26, 1962 filed 115,000 common.
Price—$4. Business
—Design, sale, fabrication and installation of acoustical
Memorial
Olson
shares.
common
31
Crownco
Price—$5.65.
Business—Production
and sale
of oxygen
dispensers.
Proceeds—For general corporate purposes. Office—6500
460
(6/19)
mortgage
Office—2724 Leonis Blvd., Los An¬
derwriter—Continental Securities
April 19, 1962
20
Underwriter
29, 1961 filed 2,000,000 common. Price—By amend¬
($3 max.). Business—A mortgage and real estate
investment company. Proceeds — For working capital.
Office—Scottsdale Savings Bldg., Scottsdale, Ariz. Un¬
count
Edison Co. of New York,
—For
other
Dec.
50.65%
1961 filed 100,000 class A common.
$5
Business—Development and sale of advanced program¬
ming systems, for solution of business problems by~the
use of digital computers. Proceeds — For general "Cor¬
porate purposes. Office—rlQ12fI4th St., N. W., Washing-ton, D. C. Underwriter—Doft & Co., N. Y.
and
ment
due
Dec. 29,
repayment
Investment Corp.
Continental
Continental
also is engaged in the consumer loan business and
an insurance agent or broker in connection there¬
Proceeds—For debt repayment. Office—66 Pryor
pany
debt
geles. Underwriter—To be named.
V ;
tion
Proceeds—For
tubes.
ture
and
Business—A
ulea zuu,uuo common.
Note—This registration was
9, 1962 filed 100,000 common. Price—By amend¬
ment (Max. 22). Business—Manufacture, packaging and
distribution of proprietary drugs. Proceeds—For selling
stockholdes: Office—505
Court St.,
Brooklyn, N. Y.
Underwriter—Shearson, Hammill & Co., N. Y. Offering
—Indefinitely postponed.
tures
Price—$2.50. Busi¬
ness—Development and manufacture of television pic¬
Feb:
ment
Industrial Electronics Corp.
Continental
Co.,
First
(2467)
—To
general
A-Kendall,
corporate
Miami, Fla.
purposes*,
Underwriter
be named.
Diamond Dust
Feb. 27,
1962 filed
Co., Inc.
102,000
common.
Price—$3. Business
—Production of graded diamond
powder and compound*.
Proceeds—For
debt
repayment, additional
personnel*
advertising and- working capital. Office—77 Searing
Ave., Mineola^ N; Y. Underwriter—Magnus & Co., N. Yl
Offering—Expected sometime in June.
Diamond Mills
Corp.
23, 1962 filed 200,000 common, of which 120,000 are
by the company and 80,000 by stockhold*er& Price—By amendment.
Business—Manufacture of
women's- nylon hosiery. Proceeds—For debt repayment
Jan.
to be offered
Continued
on
page
32
^
^
t
32
The Commercial and Financial Chronicle
(2468)
ing
Continued from page 31
for small loan and credit accident insurance
Proceeds—For investment in a subsidiary
company
subsidiaries.
and working
Office—417 Fifth Ave., N. Y. Un¬
Co., Philadelphia. Offering—In¬
capital.
derwriter—Drexel
&
and
Trust
1962 filed 1,000,000 shares of beneficial inter¬
Price—$10.
Business—A real estate investment
trust. Proceeds—For investment. Office—500 Fifth Ave.,
ment
Underwriter—Bacon, Johnson Realty Management
Co., Inc., (same address). Offering—Expected in Aug.
helicopters.
obtain
Proceeds—To
of
models, train service personnel, repay
Address—Municipal Airport, Danbury, Conn.
debt, etc.
Underwriter—None.
3
Center
Plaza, Philadelhia. Under¬
Co., Philadelphia and Kidder, Pea-
Penn
&
Eastern
Properties Improvement Corp.
due 1981 and 250,000 common
;
sale
of
cleaners.
air
Proceeds—For
working capital. Office—1400 W. 94th St., Minneapolis.
Underwriter—Paine, Webber, Jackson & Curtis, N. Y.
Offering—Indefinitely postponed.
shares.
Price—For deben¬
Feb.
26, 1962 filed 150,000 common, of which 50,000 are
offered by the company and 100,000 by stock¬
holders. Price—By amendment (max. $12). BusinessDesign and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—For working capital. Office—
1115 Broadway, N. Y. Underwriter—Goodbody & Co.,
N. Y. Note—This offering has been temporarily postponed.
'•■/-r/
be
to
•
Drever Co.
(6/4-8)
March 9,
1962 filed 122,700 common, of which 42,500 are
by company and 80,200 by stockholders.
Price—By amendment
(max. $12).
Business—Design
be
to
offered
manufacture
and
of
industrial
metallurgical furnaces.
repayment, equipment and general
corporate purposes. Address — Red Lion Rd., and PhiL
mont Ave., Bethayres, Pa.
Underwriters—Janney, Bat¬
tles & E. W. Clark, Inc. and Stroud & Co., Philadelphia.
Proceeds—For
debt
Drew
Realty Corp.
March 6, 1962 filed 163,000 class A.
—General
real
Office—50
Broad
estate.
Price—$10.
Proceeds—For
debt
Business
repayment.
St., N. Y. Underwriter—Drew Secu¬
Corp., (same address).
rities
Duiany Industries, Inc. (6/4-8)
26, 1962 filed 400,000 common. Price—By amend¬
ment (max. $6.25). Business—The canning and
freezing
Feb.
of
foods.
Proceeds—For
debt
repayment.
Third Ave., N. Y. Underwriter—Blair
Dunhill
Food
Equipment
Corp.
& Co.,
Office—850
Inc., N. Y.
(6/18-22
)
Dec. 29, 1961 filed 100,000 common. Price—$2.50. Busi¬
ness—Manufacture of food service equipment. Proceeds
■—For development and working capital. Office—79 Wal¬
worth
St., Brooklyn, Underwriters
—
Carroll
Co.
and
Paul Eisenberg Co., Inc., N. Y.
•
Duro Pen
Co., Inc. (6/25-29)
5, 1962 filed 125,000 common. Price—$4. Business
■—Manufacture of inexpensive ball point pens. Proceeds
—For debt repayment, equpiment and
working capital.
Office—573 Broadway, N. Y. Underwriter —
Godfrey,
Hamilton, Taylor & Co., N. Y.
Jan.
Duro-Test Corp.
April 6, 1962 filed $1,750,000 of subordinated debentures
due 1982 (with attached
warrants) to be offered in units
consisting of $1,000 of debentures and a warrant to pur¬
chase
60
shares. Price—By amendment (max.
$1,000 per unit). Business—Manufacture and sale of in¬
candescent, flourescent and mercury vapor lamps. Pro¬
ceeds—For working capital. Office—2321 Hudson
Blvd.,
North Bergen, N. J.
Underwriter—Auchincloss, Parker &
Redpath, N. Y. Offering—Expected in mid-June.
common
•
Dyna Mfg. Co. (7/9-13)
April 2, 1962 ("Reg. A") 60,000 common of which
40,000
will be sold by
company and 20,000 by stockholders.
Price—$5. Business—Manufacture, installation and sale
of
kitchen.ventilating hoods
«—Expansion,
new
4865
and exhaust fans.
Proceeds
products and working capital. Office—
Exposition Blvd., Los Angeles.
mond Moore &
Co., Los Angeles.
Underwriter—Ray¬
•
Dyna-Mod Electronics Corp. (6/11-15)
Jam 22, 1962 ("Reg.
A") 143,000 common.
Price—$2.
Business—D e s i g n,
development and
production
of
"packaged" electronic circuits and sub-systems. Pro¬
ceeds—For
new
products and working capital.
Office—
317 Main St., East
Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and H. B.
Vesey & Co., Inc., Glens Falls, N. Y.
,
Eastern
Camera &
Photo Corp.
March 28 1962 filed
$500,000 of 6% conv. subord. deben¬
tures due 1972 and 50,000 common
shares (of which 25,000 will be sold by the
company and 25,000 by stock¬
holders). The securities are to be offered in units of one
$100 debenture and 10 shares.
Price—By amendment.
Business—Operation of retail
ment
and
store
white
stores and depart¬
also processes black
camera
concessions.
film
and
Company
repairs photographic
equipment.
Proceeds—For debt repayment and
working capital. Of¬
fice—68 W. Columbia St.,
Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley,
Hempstead, L. I., and Street &
Co., Inc., N. Y. Offering—Expected sometime
•
Eastern
Dec.
of
27,
61/2%
in June.
Investors, Inc.
1961 filed
con.
10,000
subord.
common
debentures
stock, $2.50: For debentures, at
shares
due
par.
and
1972.
$625,600
Price—For
Business—A hold¬
110,000 by stockhold¬
Price—By amendment. Business
Retail sale of
wearing apparel. Proceeds—For working capital. Office
—
S.
N. Y.
State
Everbest
Fairbanks Wire Co., Inc.
Oct. 30, 1961 filed
54,000 common. Price—$3. Business—
purposes.
dealer
recourse
corporate
Valley City, N. D.
Price—$3.
finance business.
Busi¬
Proceeds
Office—164 E. Main St.,
Underwriter—Reserve Funds, Inc.,
purposes.
Valley City, N. D.
•
ters.
Proceeds—For expansion,
advertising, inventories,
working capital and other corporate purposes. Office—
801
Edge Ltd.
Ehrenreich
instruments.
and
Proceeds—For
working capital.
derwriter—Lee
debt repayment, expansion,
Office—111 Fifth Ave., N. Y. Un¬
Higginson Corp., N. Y. Offering—Immi¬
nent.
Eldre
Components, Inc.
5, 1962 filed 100,000 common, of which 75,000 are
offered by the company and 25,000 by a stock¬
holder.
Price—$4.
Business—Manufacture, assembling
and processing of metal parts and products. Proceeds—
Feb.
to
Market
St., Youngstown, Ohio.
Co., Inc., N. Y.
Fashion
Photo-Optical Industries, Inc.
Jan. 26, 1962 filed 150,000 common, of which 100,000
are to be offered by the company and
50,000 by stock¬
holders.
Price—By amendment.
Business—Wholesale
distribution of cameras, lenses, accessories and optical
•
Fairway Mart, Inc. (6/18-22)
19, 1962 ("Reg. A")-100,000 common. Price—$3.
Business—Operation of five discount merchandise cen¬
Carno
26, 1962 filed 125,000 common. Price—By amend¬
ment
(max. $4). Business—Merchandising and sale of
phonograph records. Proceeds—For debt repayment, ac¬
quisitions, and working capital. Office—2235 TwentyFifth PL, N. E.. Washington, D. C. Underwriter—Rittmaster, Voisin & Co., N. Y. Offering—Imminent.
•
specialized
machinery and equipment.
For debt repayment and
general corporate
Office—Walnut St., M D 23, Newburg N. Y.
Underwriter—First Madison Corp., N. Y.
—
March
26, 1961 filed 1,000,000 common.
General
Co.,
Price—$2.40.
long-lived electro
lamps. Proceeds—New product
development, inventories
and working capital. Office—41 E.
Twelfth St., N. Y.
Underwriter—Planned Investing
Corp., N. Y.
Proceeds
ness—A
&
Engineering Corp.
real
Econ-O-Pay, Inc.
Chicago. Underwriter—Allen
April 2, 1962 filed 100,000 class A shares.
Business—Manufacture and sale of
Manufactures
Oct.
St.,
Offering—Postponed.
tures, $1,000; for stock, $10. Business—General real es¬
Proceeds—For the acquisition and development of
properties, repayment of debt and engineering, etc.
Office—10 E. 40th St., New York. Underwriter—To be
Thursday, May 24, 1962
.
Inc.
tate.
Mar.
Donmoor-lsaacson, Inc.
Evans,
.
JM4i> UaUl^i
ers.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
named.
Co., Inc.
Feb. 26, 1962 filed 80,000 common, of which 35,500 are
to be offered by the company and 44,500 by stockholders.
Price—By amendment
(max. $25). Business—Design,
and
—
body & Co., N. Y.
Donaldson
manufacture
(max. $16). Business—A small business investment
Proceeds—For general corporate purposes.
Office
Business—Research, development and construc¬
experimental
St.,
•
.
tfsi
Jan. 23, 1962 filed 130,000
common, of which 20,000 are
to be offered by the
company and
—36
writers—Drexel
Doman Helicopters, Inc.
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held. Price—By amendment (max.
of
Main
company.
N. Y.
certification
Northeast
Pennsylvania Investment Co.
16, 1962 filed 450,000 common. Price—By amend¬
March
est.
tion
Office—147
Eastern
March 8,
$1.25).
capital.
Inc., N. Y. Offering—Expected in July.
Estate
Real
working
Rocky Mount, N. C. Underwriter—Arnold Malkan & Co.,
definitely postponed..%
Diversified
*4fM*r r »«»^rrt<rrw^HfV«iytiaW «jL»VAXWi^-*sa)U_i,^k* =0*
be
For
Feb.
26,
Underwriter—A.
J.
Industries, Inc. (6/11-15)
("Reg. A") 63,000 common. Price—$4.75.
1962
Business—Manufacture
of
blouses.
Proceeds—Debt
re¬
payment, equipment, inventory and working capital. Of¬
fice—Gauthier St., Tuskegee, Ala.
Underwriter—Wright,
Myers & Bessel, Inc., Washington, D. C.
•
Fasline
Inc.
Sept. 28, 1961 filed 100,000
to
be
offered in
units
of
and 50,000 warrants
common
100
and
common
50 warrants.
Price—By amendment. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt
repayment, advertising
and working capital. Office—8
Washington Place, N. Y.
Underwriter—Jarco Securities
—Indefinite.
•
/
Co., Inc., N. Y. Offering
:
/
•
Fastpak, Inc.
(6/18-22)
Nov. 30, 1961 filed 125,000 common.
Price—$5. Business
—The distribution of nuts, bolts and other
fastening
devices manufactured by others. Proceeds—For debt
repayment
Benson
and
general
corporate
Place, Freeport, N. Y.
purposes.
Underwriter
Office—8
Arnold
—
Malkan & Co., Inc., N. Y.
equipment, construction of a building, and working
capital. Office—187 N. Water St., Rochester. N. Y. Un¬
derwriter—Charles Plohn & Co., N. Y. Note—This reg¬
Fire & Marine Insurance Co. (6/4-8)
11, 1962 ("Reg. A") 125,000 common. Price—$2.
Business—Writing of special risk insurance. Proceeds
istration
—For
reserves
—324
Guaranty
withdrawn.
was
•
Electromagnetic Industries, Inc. (6/12)
March 30, 1962 filed $250,000 of 6V2% conv. subord. de¬
bentures due 1987, also 70,000 common shares, of which
45,000 are to be offered by company and 25,000 by
stockholders. Price—By amendment (max. $1 per com¬
mon
share). Business — Design, production, assembly,
distribution
and
sale
of
transformers,
magnetic
com¬
•
Federal
April
Sudler
and
general
corporate purposes. Office
Underwriter—Amos C.
Bldg., Denver.
Co., Denver.
&
Fidelity Mining Investments Ltd.
30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
Nov.
erties. Proceeds—For general corporate
purposes.
Richmond St., Toronto. Underwriter—G. V.
Office
—62
Kirby
ponents and electronic I instrumentation and control de¬
&
vices. Proceeds—For
• FIFCO, Inc. (6/11)
May 17, 1962 ("Reg. A") 66,666 class A common. Price
—$3. Business—Application of sprayed fireproofing and
equipment, debt repayment, a new
plant and working capital. Office—Sayville Industrial
Park, Greeley Ave., Sayville, L. I., N. Y. Underwriter—
Pierce, Carrison, Wulbern, Inc., Jacksonville, Fla.
Electromagnetics Corp. (6/4-8)
Nov. 17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
instrumentation.
Proceeds—For
general
corporate
pur¬
Office—Sawyer Lane, Hudson, Mass. Underwriter
poses.
soundproofing compounds, and exterior building coat¬
ings; manufacture of plastic laminated panels, and sale
of
Electronic
March
22,
Corp.
(6/25-29)
Office—1465 N. E.
writer—Sinclair
common.
Price—$3. Busi¬
expansion, sales promotion and work¬
capital. Office — 103 E. Hawthorne Ave., Valley
Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc.,
Thomas, Williams & Lee, Inc., and Crosse & Co., Inc.,
ing
N. Y.
(6/£8-22)
Dec.
27, 1961 ("Reg. A") 30,000 common. Price—$10
Business—Operation of supermarkets. Proceeds—For ex¬
pansion and working capital. Office—896 Old Country
Rd., Westbury, N. Y. Underwriter—Meadowbrook Se¬
curities, Inc. Hempstead, N. Y.
Emerson Electric Manufacturing Co.
May 14, 1962 filed 435,784 common. Price—By amend¬
ment
(max. $40). Business—Design, development and
of
electrical
products,
and
research, and
development on certain military products. Proceeds—
For selling stockholders.
Office—8100 Florissant Ave.,
St. Louis.
Underwriter—Blyth & Co., Inc., N. Y.
Equity Funding Corp. of America
March 29, 1962 filed 240,000 common.
Price—By amend¬
ment
(max. $6.50). Business—A holding company for
firms selling life insurance and mutual funds. Proceeds
—For new sales offices, advances to subsidiaries and
working capital.
geles.
Office—5150
Wilshire Blvd., Los An¬
Underwriter—Wisconsin-Continental,
Inc.,
16,
150,000
debt repayment,
manufacture
partitions. Proceeds—For debt
poses.
March
ness—Manufacture and distribution of components for
background music; design, construction and installation
of specialized closed circut TV system. Proceeds—For
Pike, Inc.
wall
inventory,
advertising and other
Mil¬
waukee.
shares
are
by
Corp. of Santa Barbara (6/4-8)
1962 filed 200,000 capital shares, of
to be offered by the company and
stockholders.
Price—By amendment
which
50,000
(max.
savings and
$20). Business—Company plans to acquire a
loan association. Proceeds—For acquisition of stock and
working capital. Office—1035 State St., Santa Barbara,
Calif. Underwriter
Financial
—
Dean Witter
Donnell &
•
Co., N. Y.
First Connecticut Small Business Investment Co.
(6/4-8)
March 9, 1962 filed 200,000 common.
Price—By amend¬
ment (max. $15).
Business—A small business invest¬
ment company.
Proceeds—For investment. Office—955
Main
&
•
St., Bridgeport, Conn. Underwriter—P. W.
Co., N. Y.
First
March 6,
—$5.
Corp.
1962 ("Reg. A")
Business—A
small
60,000 class A
loan
Philadelphia.
Underwriter—Woodcock, Moyer,
& French, Inc., Philadelphia. Offering—In
July.
common.
company.
Price
Proceeds—For
working capital. Office — 751 Minnesota Ave., Kansas
City, Kan. Underwriters—Midland Securities Co., Inc.,
and
Parker, Eisen, Waeckerle, Adams
City, Mo. Offering—Imminent.
Kansas
&
Purcell, Inc.,
First New York Capital Fund, Inc.
Oct. 27, 1961 filed 2,770,000 capital shares.
Business—A
small
business investment
investment.
Manhasset, N. Y.
Office—1295
ment.
R.
Price—$1.
company.
Northern
Pro¬
Blvd.,
Underwriter—None.
—Real
Fricke
Brooks
Financial
Debentures, $1,000; stock, $8. Business—Brewing of malt
beverages, the processing, cleaning and testing of metals,
and the sale of galvanized iron and steel
products. Pro¬
Office—10th & Callowhill
Co., Los Angeles.
—
First Realty Co. of Boston
May 1, 1962 filed 150,000 common.
debt repayment.
&
Federation, Inc.
(6/4)
March 30, 1962 filed 75,000 capital shares. Price
By
amendment (max. $105). Business —
Ownership of 11
California savings and loan associations. Proceeds—For
selling stockholders. Office — 615 S. Flower St., Los
Angeles. Underwriters—Kidder, Peabody & Co. and Mc¬
ceeds—For
Esslinger's Industries of Philadelphia, Inc.
Sts.,
pur¬
St., Miami, Fla. Under¬
Securities, Inc., 37 Wall St., N. Y.
March 28, 1962 filed $850,000 of 6V2% conv. subord. de¬
bentures due 1977 and 112,500 common shares.
Price—
ceeds—For
repay¬
corporate
129th
Financial
Transmission
1962 filed 125,000
Ellner &
movable
ment,
—Gianis & Co., Inc., N. Y.
•
Associates, Ltd., Toronto.
Price—$10. Business
estate management.
Proceeds—For debt repay¬
Office—7 Pemberton Sq., Boston. Underwriter—
W. Pressprich
Flex Electric
& Co., Boston.
Products, Inc. (6/4-8)
March 16, 1962 filed $95,000 of 6% subord. debentures
due 1972 and 47,500 common shares, of which
44,650 are
Volume 195
Number 6162
.
.
The Commercial and Financial Chronicle
.
to be offered by the
company and 2,850 by selling stock¬
holders. The securities will be offered in
units consist¬
ing of one $100 debenture and 50 common shares
(with
attached warrants). Price —
Design,
manufacture
$350 per unit. Business—
sale, for amateur use, of
and
camera
lighting equipment and photographic accessories.
Proceeds
For equipment, new product
development,
—
sales
promotion and other corporate purposes. Office—
39-08 24th
St., Long Island City, N. Y. Underwriter—
Bond, Richman & Co., N. Y.
^
Florida
March 16, 1962 filed
200,000 common.
Price—By amend¬
$15).
Business—An investment company
specializing in bank stocks. Proceeds—For investment.
ment
(max.
Office—3356 Atlantic
Blvd., Pompano Beach, Fla. Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis. Of¬
fering—Imminent.
repayment and other corporate purposes.
W. 10th St.,
Wilmington, Del.
Flower City Industries, Inc.
Nov. 29, 1961 filed
100,000
Office—
Price—$3.75. Busi¬
common.
—
Foiz
Vending Co., Inc.
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of
novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
chines, and increase working capital. Office—990 Long
Beach Rd., Oceanside, N. Y. Underwriter—None.
Note—
offering
refiled at
Forest
v.:
Dec.
21,
withdrawn.
was
("Reg.
is
expected
to
be
A")
April 18, 1962 ("Reg. A") 100,000 class A common. Price
Business—Manufacture and sale of cosmetics. Pro¬
common.
precision electronic and mechanical com¬
ponents. Proceeds—For debt repayment, equipment and
NEW ISSUE CALENDAR
Gray, Inc., Los Angeles and Laird, Bissell &
Meeds, N. Y.
..;v
(Baruch
Mills,
Co., Inc.)
Securities
and
&
Bacardi Corp.
Co.)
&
Co.,
$300,000
Inc.)
$675,000
Securities
&
Co.)
Class A
Alstyne, Noel
Co.
&
Co.)
700,000
and
Stearns
Peabody
Dempsey-Tegeler
&
&
&
Co.,
Co.,
&
Inc.)
160,000
Co.,
Inc.)
Units
34,200
shares
Siegel,
Inc.)
and
Cruttenden, Podesta
..Common
Corp..
Noel
&
&
Pancoast)
Becker
......Common
Co.)
125,000
Rona
Plastic
&
Grumet
Skiers
Service
Co.,
Inc.)
170,000
&
&
Co.,
Inc.)
Securities
Pioneer
(Investment
;
V
1
'
Co.
and
Magnus
Heritage
11
Rico
Land
&
Vacco
Valve
Business—Operation of
ojE women's apparel
expansion
„
Corp.)
872,876
shares
Smith,
Barney
Units
Common
Investors)
G.
M.
S.
Stores
Inc.
Office—19
pansion.
W.
34th
Co.)
and
$500,000
Gabriel
March. 30,
Industries, nc.
1962 filed 100,000 class A
Price—By
amendment
(max.
Securities
May 31
,
Federal Fire & Marine Insurance Co
(Dean
Sudler
C.
Witter
Group,
Inc.)
$300,000
1
$500,000
Co
Kass)
$17,000,000
'
&
Co.
Common
60,000
shares
Co.)
Common
$250,000
Capital
200,000
shares
Inc
and
Capital
McDonnell
W.
75,000
Co.)
Brooks
&
Co.)
Common
200,000
shares
Richman
Units
&
Co.)
$332,500
Products, Ltd., Inc..
Jackson
&
Gray,
.Class A
*
Inc. and
$300,000
Laird,
Bissell
&
Gaslight Club, Inc.
(Myron
A.
Gemco-Ware
General
Meeds)
Common
Lomasney
&
Co.)
100,000
shares
Corp.
Common
Williston
R.
Classics,
&
Beane)
shares
146,000
Inc
—Common
(Michael G. Kletz & Co.)
Greater
shares
Products, Inc
(Bond,
"42"
&
—
(P.
Electric
$315,000
Pittsburgh Capital Corp
;
.
M.
Hargrove
Productions,
Rhoades
Loeb.
Common
Scribner)
&
Enterprises,
Inc
Capital
Inc.)
Co.,
200,000
shares
Inc
Common
(Switzer & Co., Inc.)
$800,000
Vision, Inc
Common
(Hornblower &
(Amos
(Monday)
Aeroscience Electronics, Inc
M.
Harris
&
Common
Co.,
Inc.)
$299,000
Allegheny Pepsi-Cola Bottling Co
Yeatman,
(Suplee,
Mosley
Yeatman,
Co.,
Inc.)
Common
312,500
Weeks)
150,000
shares
Mosley
Co.,
Teller
&-Co.,
shares
Inc.)
$1,250,000
and
H.
A.
Riecke
&
Co.,
Inc.)
$300,000
Alumatron International,
C.
Common
Inc.)
Securities
Burstein
$511,000
Co.)
$500,000
Co.,
&
$308,000
Co.)
200,000
&
Co.,
Inc.)
$183,750
&
Co.,
Inc.)
$302,250
of
M.
Co.)
&,
(James
$950,000
.Units
Co.,
Co.)
Inc.)
&
(F.
(John R.
Bruce
Co )
Co.)
Maher Associates
Corp
Drever
Co.
shares
157,500
Bull &
Capital
Inc.
and
140,000
J.
Bradford
C.
(John
Flynn
W.
&
Co.)
$300,000
Common
$2,450,000
Common
Inc.—
Investors
(Dominick
&
Products,
Corp.)
$297,500
(Hornblower
Marin
County
Marks
Polarized
Lyon &
Weeks)
Witter
Co.,
Mercury Books,
Midwestern Mortgage
Common'
Mosler
Common
Multi
Common
.
Inc.;
and Globus,
Common
Co.)
&
$247,500
Investors
&
Co.)
Ben. Ints.
$5,000,000
Common
&
Co.,
Inc.)
260,000
shares
—Common
Industries, Inc.—;
(G.
K.
Scott
&
bo., Inc.)
$240,000
.Capital
Multronics, Inc.
-
Inc.)
shares
Co
Safe
(Blyth
'
Capital
shares
Inc
(Boettcher
$468,750
102,050
Glass & Ross,
Common
Alstyne; Noel & Got) 165,000 shares
Co.)
&
shares
335,000
Corp.....
Corp
Inc.;
Common
State
shares
303,900
Common
&
Financial
(Dean
(Ross,
Common
Dominick)
Inc
95,000
Common
Co.)
.—..Common
(R&D
shares
Low)
&
shares
(Shearson. Hammill & Co.)
$175,000
and
Corp
(Meade
J.),. Inc
Cosnat
72,000
.Class A
Co.,
f
$155,000
ControlDyne, Inc.
Cooke
Homes
<
$890,000
Computer Control Co., Inc
Peabody
Corp.)
■
Common
Kahn
Common
$120,000
Common
Securities
Coast
(Robinson-Humphrey
Maradel
America, Inc
(Bernard
Kingsbury
Common
&
$750,000
Kelley Realty Corp
Common
...
Burstein
Ltd.)
Mandrel Industries, Inc
Lingerie, Inc
Cemeteries
(Pacific
Co.,
Corp
Lockfast Mfg. Co.,
$299,970
Calev Photolabs, Inc
Cameo
Films
Jayark
Corp.)
Conditioning Corp
(Martin-Warren
Common
Burstein
Common
Debentures
Livestock Financial Corp
shares
Beauty Industries, Inc.
Bernalen, Inc.
$500,000
$300,000
Securities
(Clayton
Jamoco Air
Common
Staats
Co.)
Jackson's/Byrons Enterprises, Inc
Common
Inc.)
Corp
R.
&
& Co., Inc.)
Kwik-Kold, Inc. J
...:
&
Dowd
(Fulton, Reid & Co., Inc. and Walston & Co., Inc.) 250,000 shares
Inc
Malloy,
American Modular Manufacturing Corp.—Common
Bros.
(R. F.
.—.Class A
Inc,
Sudler
C.
Jaap Penratt Associates, Inc
Debentures
Alsco Electronics, Inc
(Switzer & Co.. Inc.)
$300,000
Common
(Janney,
Debentures
Co.)
Co.
(Friday)
(Van
Co.)
&
page
International Plastic Container Corp.——Common
/
Common
&
Federation,
Peabody
(Carl
Bonds
to be received)
(E.
Common
on
Financial Corp. of Santa Barbara
House of
(Kidder.
Capital
shares.
common
Business—Design,
Continued
Hanna-Barbara
(Thursday)
(Bids
,
Corp.)
$11).
manufacture and distribution of toys and sporting goods.
(Moore, Leonard & Lynch and Singer, Dean &
Alabama Power Co
...Common
Karen
St., N. Y. Underwriter—
Inc., N. Y. Offering—Ex¬
Preiss, Cinder & Hoffman,
pected in early July.
$2,750,000
(Amber,
&
/
April 30, 1962 filed 140,000 common. Price—$4. Busi¬
ness—Operation of discount centers. Proceeds—For ex¬
$5,000,000
Co
Underwriter
Price—By amend¬
Business—Construction and operation of various
type apartment, industrial and office buildings. Proceeds
—For an acquisition, construction, and working
capital.
Office—141 North Ave., Bridgeport, Conn.
Underwriter
—Van Alstyne, Noel & Co., N.
(J.
Development Corp
Pro¬
purposes.
ment.
(Rutner,
by
corporate
Frouge Corp. (5/28-6/1)
Jan. 26, 1962 filed 700,000 common.
Flex
Equity
EDST)
stores.
Blvd., Los Angeles.
Polonitza, Inc., Los Angeles.
Common
a.m.
other
and
mail order
a
chain
a
Common
College Publishing Corp..
....
(Kenneth
ceeds—For
Common
(Amber,
shares
Planning
Copymation, Inc.
and
(approx. $203,053,620)
(Schweickart
;
&
and
(Seymour Blauner Co.)
(Smith, Barney & Co:, .Inc.; Kuhn, Loeb & Co., Inc.; Harriman
Ripley & Co., Inc. and Lazard Freres & Co.) $15,000,000
•"
Puerto
$220,500
Telephone
$75,431,540
$718,750
stockholders—underwritten
$700,000
Inc
(Doft
Price—$5.
business
Common
Inc.
(6/11-15)
First Connecticut Small Business Investment
V
to
(William
Common
Co
May 29 (Tuesday)
Computer Concepts Inc
Copenhagen
N.
(Offering
"
(Kidder, Peabody & Co.) 371,750 shares
Wiggins .Plastics,
Co.,
(Offering to stockholders—bids
(Amber.
Common
Inc.)
&
Corp.
.""'A-'
Inc.)
Hollywood, Inc.
Common
$420,000
550,000 shares
Vending Service, Inc
,
&
Barker
•
holder.
(Kidder,
underwriting)
Co.,
of
March 26, 1962 filed 150,000 capital shares, of which 70,000 are to be offered by company and 80,000 by a stock¬
Common
^
&
Common
Common
Taylor
150,000
Western
Underwriter—None.
(Amos
$375,000
England Electric System
$1,000,000
Inc..
Woodhill,
Hamilton,
(Fabrikant
Y.
Financial
Systems Corp
Ackerman
$1,000,000
Corp.____.____
H.
Inc.—
Williams)
Anchor Industries Corp
shares
Tork Time Controls, Inc
Uneeda
Molecular
&
Common
...Common
Malkan
Spartan International
(Godfrey,
N.
$1,000,000
.Common
Co..Mnci^ $300,000 M' - i*.
/
/
&
Sessler
(Equity
Debentures
Inc.)
Seigel,
(Pacific Coast Securities Co.)
(M.
Co.)
i-Lii.
Inc
(Fred F.
$676,500
Corp....
(Arnold
Films,
shares
Roblin-Seaway Industries, Inc
(Brand,
Krefeger &
stockholders—no
(B.
Co., Inc.
G.
Lunar
(Albert
(Fred P. Sessler & Co., Inc.)
(A.
&
$300,000
Dewar, Robertson
148,300 shares
Alstyne,
.—Debentures,?
Jones,
Inc
Allegheny Pepsi-Cola Bottling Co
Class A
Product Research of Rhode Island, Inc
Public Loan
and
Industries,
to
(Suplee,
$1,500,000
and
Microwave
(Van
Co.
City
Debentures
Brewing Co...
•
&
Homes,
June 4
$500,000
$240,000
Siegel, Inc.)
&
Miller)
,
& Curtis,
Co., Inc., St. Louis. Offer¬
—.Common
r
(Kiser, Cohn & Shumaker
Premier
North Hollywood,
nated capital notes due about 1970. Price—At
par. Busi¬
ness—A consumer finance
company. Proceeds—For debt
(Robert
Co.
Ave.,
Feb. 9,1962 filed $500,000 of 8% subordinated
debentures
due serially 1969 to 1973 and
$500,000 of 8% subordi¬
June
shares
Common
Grumet
&
Redford
..Common
Corp
Allyn
Office—4030
Underwriters—Paine, Webber, Jackson
262,500 shares
Paul, Harris Stores, Inc
C.
Inc.)
Common
Inc.)
(Brand, Grumet &
(A.
Calif.
(California
Met Food Corp
Pearl
holders.
N. Y. and Dempsey-Tegeler &
(Lieberbaum & Co. and Morris Cohon & Co.)
snares
Co.)
Wilkens
(Darius
(Brand,
1962 filed 140,000 common. Price—By amend¬
Business—Company plans to produce its Gyro jet
FW-4, a four-passenger amphibious autogiro. Proceeds
—To produce prototype
models, and finance general
overhead and operating expenses. Office—10 E. 52nd
St.,
ment.
Common
Magellan Sounds Corp
Food
filed 211,250 capital shares. Price—By
Business—Production and mar¬
keting of television films. Proceeds—For selling stock¬
shares
(H.) & Co., Inc
(Arnold,
Co.,
Television, Inc.
& Co.)
120,000 shares
Magazines for Industry, Inc
Met
,
Corp.
Jan. 26,
1962
$300,000
Common
250,000
1
,
Aircraft
Office—6608 Holywood
amendment (max. $25).
Philips
$300,000
Inc.)
___
(Kidder,
16,
New
$1,750,000
Common
(Bear,
Four Star
March
'V
Laboratories, Inc.—.Common
Dowd & Co.,
Richter
Broadway, N. Y. Underwriter—Magnus &
Inc., N. Y. Offering—Expected sometime in July.
Common
Union
Kinney Service Corp.—
Kohnstamm
refrigerators, automatic
washers
and
a selling stockholder.
Office—65Ave., N. E., Minneapolis. Underwriter — Lehman
Brothers, N. Y. Offering—Temporarily postponed.
Proceeds—For
•—Garat &
—665
(Stone,
Investment Securities Co
(Scherck,
August.
1962 filed 103,000 common. Price—$3. Busi¬
ness—Design, manufacture and distribution- of men's
outerwear, sportswear and rainwear.
Proceeds—For
plant expansion, equipment and working capital. Office
(Offering
$1,200,000
(Clayton Securities Corp.)
(Van
in
Sportswear, Inc.
Illinois Bell Telephone Co
;
Corp
Star
(Seidman
Decorel Corp.
'V
Four
Common
Common
Co.)
(Stevens, Hickey & Co.)
.
Business
sales financing
Proceeds—For working capital. Office—
St., N. Y. Underwriter—Edward Lewis Co.,
Inc., N. Y. Offering—Expected sometime
$400,000
Corporate Funding Corp.
•
Inc.
Price—$6.
factoring.
440 W. 34th
(Laird
Common/
Bebell & Bebell Color
(R. P.
common.
Flower
Corp._
Dillon,
Federation,
Common
_
B.' Burnside
(Hardy
Frouge
freezers,
22nd
•
Brothers &
Inc.
(Mortimer
Financial
(Alessandrini
Products, Inc
Coast
Atlantic Utilities
(Eastman
hold
driers.
Frederick's
—Commercial financing, industrial time
DeLuxe
Co., Inc
(Pacific
Founders
May 4, 1962 filed 135,000
Dart Drug Corp....
(Monday)
Admiral Automotive
Artlin
advertising, and equipment.
Office—1634Santa Monica, Calif.
Underwriters—Rutner,
Jackson &
Franklin Discount Co.
130,000
of
Alan-Randal
common. Price—By amend¬
Business—Design, manufacture and sale of house¬
Frazier-Walker
ceeds—For
St.,
Manufacturing Co.
22, 1961 filed 349,590
ment.
(6/4-8)
—$3.
18th
Franklin
•
:V;:
Price—$2.
design, manufacture, sale and dis¬
Business—Research,
May 28
Products, Ltd., Inc.
ing—Indefinitely postponed.
Electronics Corp.
1961
tribution
It
later date.
a
(max.
"42"
repayment and expansion. Office—105 N. Sage St., TocGa. Underwriter—None.
coa,
Dec.
March 27,
—
This
Inc.
Underwriter—None.
(5/29)
Design and manufacture of plastic
artificial
foliage and flowers. Proceeds
For general corporate
purposes. Address—St. Thomas, Virgin Islands. Under¬
writer—Seidman & Williams, N. Y.
•
& Sons,
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell & Co., N. Y. Offering—Expected in early June.
•
•
ness.
(Alex)
Price—By amend¬
$15). Business—Wholesale distribution of
toys and games. Proceeds—For selling stockholders. Of¬
ment
•
May 10, 1962 filed 169,420 common to be offered for
subscription by stockholders.
Price—By amendment
(max. $2). Business—Company owns and licenses carton
pouring spout patents and die patents. Proceeds—For
100
Forst
March 23, 1962 filed 100,000 common.
33
.
Floseal Corp.
debt
general corporate purposes.
Office — 425 Las Vegas
Blvd., S., Las
Vegas,
Nev.
Underwriter—Elmer
K
Aagaard, Salt Lake City. '
•
Bancgrowth, Inc.
(2469)
Battles
Stroud
&
&
E.
Co.)
Dulany Industries, Inc
(Blair
&
W.
Inc.
400,000
&
Co.,
National Family Insurance Co
.
shares
Electromagnetics Corp.
(Gianis
and
—Common
...
Inc.)
Co.,
Clark,
122,700 shares
$375,000
underwriting)
International,
(Baruch
Common
Inc.)
Oceana
(No
&
■
,,
(-
Common
Inc
Brothers
-
Common
$1,000,000
Co.,
Inc.)
$825,000
Continued
on
page
34
34
wWWfffrWtb
34
The Commercial and Financial Chronicle
(2470)
for
debt
repayment Office—184 Fifth Ave.,
N .Y. Underwriter—Hemphill, Noyes & Co., N. Y.
•
Garden
Business Investment Co.
Small
State
(6/25-29)
Oct. 27, 1961 filed
—A small
business investment company.
investment.
Proceeds—For
Office—1180 Raymond
Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
(6/4-8)
Feb. 28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $7) Business—Company operates four "key
clubs." Proceeds—For expansion, debt reduction, and
working capital. Office—13 E. Huron St., Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N. Y.
Gaslight Club, Inc.
Gemco-Ware
Corp. (6/4-8)
March 9, 1962 filed 146,000 common. Price—By amend¬
ment
(max. $8).
Business—A holding company for a
restaurant equipment manufacturer, a wholesale distrib¬
of houseware products and a company operating
leased discount departments dealing in hard goods. Pro¬
ceeds—For
debt
repayment, expansion and working
utor
Atlantic
Office—134-01
capital.
Jamaica,
Ave.,
Underwriter—J. R. Williston & Beane, N.
General
Classics Inc.
March 23,
N.
Y.
Y.
Price—$3. Busi¬
ness—Design, assembly and distribution of trophies,
plaques and awards.
Proceeds—For debt repayment,
new products, expansion and working capital.
Office—
2555 W. Diversey Ave., Chicago. Underwriter—Michael
G. Kletz & Co., N. Y.
•
General
Design
Corp.
April 25, 1962 ("Reg. A") 65,000 common. Price—$3.
Business—Design and development of new products for
various
industries.
Proceeds—For
debt
repayment,
equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.
•
General
Devices, Inc.
Jan. 29, 1962 filed 140,000 common, to be offered for
subscription by common stockholders. Price—By amend¬
ment. Business—Development and manufacture of elec¬
Continued
from
33
page
(Tyche
Securities,
Inc.)
Save Corp.
(Dean Witter & Co.)
subsidiaries, and working capital.
N. Y. Underwriter—G. E. C.
in
investment
For
Office—625 Madison Ave.,
(same address).
Securities, Inc.,
Mar. 14j
1962 filed 200,000 common. Price-—$7.50. Busi-
ness—A small business investment company. Proceeds—
and investment. Office—348 Orange
For debt repayment
St., New Haven, Conn. Underwriters—Ingram, Lambert
& Stephen, Inc., and Reuben Rose & Co., Inc., N. Y.
|>
General
Realty Income Trust
Underwriter—King Merritt & Co., Inc., N. Y.
Vitamin
Business—Sale
mail
and
&
Witter
&
Co.)
Proceeds
order.
Co.,
*.
(Pulton,
Salro
12, 1962 filed 162,500 common, of which 12,500 are
to be offered by the company and 150,000 by stockhold¬
ers.
Price—By amendment (max. $8.50). Business—Di¬
rect mail selling of vitamin mineral products to eld¬
erly customers. Proceeds—For working capital. Office
—179 N. Michigan Ave., Chicago. Underwriters—Bacon,
Corp.
April 4, 1962 filed 254,000 common. Price—By amend¬
(max. $18). Business—Development and produc¬
tion of radar and other specialized electronic systems.
Proceeds—For selling stockholders. Office—1815 Venice
ment
Inc.)
Securities
Reid
154,800 shares
Co.,
&
Co.,
&
Fe
New
$300,000
Inc.)
60,000
Inc.)
400,000
shares <
Corp
Investors
Witter
(Straus,
Co.)
160,000
shares
&
Grimm)
and
240,000
Hill,
Stearns
&
Co.)
150,000
and
O'Neill
&
Inc.)
$357,500
Site-Fab, Inc.
(H.
Black
&
Co..
Inc.)
135,000
shares
Products, Inc
(Tucker, Anthony
&
R.
(Packer-Wilbur
Marts
(W.
Traid
Day)
110,000
Co.,
Inc.)
Common
Unison
Hogle
&
Stearns
Electronics
Co.)
&
150,000
Co.)
120,000
&
Inc.)
ServiceMaster
(Laren
Co.)
Zayre
Inc.
Corp.
and
Capital
shares
Philadelphia
Corp.)
Common
Brothers)
475.000
(Harriman
Ripley
&
Co.,
Inc.)
100,000
June 5
&
(Offering
to
&
—Debentures
stockholders—underwritten
Co.
and
Dean
Witter
Aubrey Manufacturing,
(Pierce,
Carrison,
&
Co.)
by
Kidder,
$44,546,300
Inc
Wulbern, Inc.
Peabody
.Common
and
A.
M.
Kidder &
Co.,
Inc.)
(Josepn
Walker
(Bids
11
a.m.
EDST)
Debentures
Virginia Electric & Power Co
(Bids
Wolverine
(F.
June
6
Southern
11
a.m.
EDST)
Aluminum
J.
Winckler
Common
&
Co.)
—Common
100,000
(Bids
12
noon
by
by
Valley
$8,100,000
$6,500,000
Co.)
$700,000
Inc.)
Co.,
Robbins
Industries,
(Wright,
&
Co.,
&
Co.)
and
H.
Inc.)
Inc.)
Co.
Gotham
Investment
Brewer,
Myerhoff
&
Co.)
(Sunshine
&
Retrieval
(Searight,
International
Ahalt
O'Connor,
Malkan
Laboratories,
Ahalt
Inc.)
&
&
114,500
50,000
...
Brooks
&
Common
$305,000
Allen
&
V'
'1"
'
.—Debentures
Co.)
$5,000,000
..Common
Inc..—
Wulburn,
10
Inc.)
Wulbern.
shares
70,000
Inc.)
$250,000
—Bonds
(Minn.)_—
$15,030,000
CDST)
a.m.
_______—_———Common
Stearns
&
200,000
Co.)
&
Co.)
(Wednesday)
shares
.....Common
—
Stanley
700,000
shares
*
(Bids
12
Inc
EDST)
noon
Common
—
Underwriters,
Inc.)
$825,000
$6,450,000
Tyler Pipe & Foundry Co..*——-—Common
Southwest
Co.)
120,000
shares
Wisconsin Power & Light Co.—*
(Bids
June
14
CDST)
a.m.
Co
Electric
.
Bonds
'
,
Service
Co.
$15,000,000
of
;<
New Jersey,
Common
——
—
Bonds,
;
—
(Bids to be received)
Inc.
$12,000,000
(Thursday)
Edison
Boston
11:30
(Lee-Mosson
Inc
$1,000,000
Co.)
&
Co.t and
(Nation-Wide
shares
172,500 shares
Cc.)
-Common
Ltd.
(First
Common
W.
....Common
Diversified,
>,
.
Radio
(P.
13
June
2,000,000 shares
Lewiston-Gorham Raceways,
—Units
$444,000
Common
units
Lehigh Industries & Investing Corp;
named)
Inc.)
Industries,
(Morgan
...
Units
Co.)
&
&
Co.,
Inc.)
$300,000
Units
*
-
<
$500,000
Louisville & Nashville RR.—Eouip. Trust Ctfs.
Kavanau Corp.
Stone
-
Common
American
.Common
Inc.)
Inc.)
Co..
Carrison,
Schlumberger
$450,000
Inc
O'Connor,
-Class A
shares
Common
125,000 shares
Inc.)
$1,590,000
150,000
—
Co.,
Bruce
Saxon Paper Corp
Co.)
Common,
Co.,
Inc.)
Corp
&
(Bids
$286,875
Corp
&
Co.
Inc
fe
Carrison,
(Pierce,
$1,540,000
Inc.)
Common
Beane)
Northern States Power Co.
$600,000
Systems, Inc
&
Protein
(Arnold
Joanell
Securities.
&
&
Lewis
A.
Stearns
(Pierce,
A
Common
Noel
Common
$280,000
Co.
(Tuesday)
(Bear,
Inc.)
$276,000
Properties, Inc._
(Bear,
Common
Bryant,
shares
Corp
F.), Inc
Electromagnetic
shares
&
Co
Alstyne,
12
All-State
Capital
Corp
Becker
llu.000
i
Electromagnetic Industries, Inc.—Conv. Debentures
Honora, Ltd.
Index
&
$750,000
Freehling,
-
-
150.ono shares
Common
Inc.
Co.)
&
Blauner
D.
(L.
-.Common
and
/
-
Lamont)
&
O'Connor,
Williston
(D.
$299,250
Research, Inc
&
Jessup
Common
Financial
June
$199,998
Inc.)
Co.)
<Godfrey, Hamilton, Taylor & Co.) $486,000
Worth
Common
Polonitza,
shares
&
Class A
Industries,
Widmann
Kirkpatrick,
Vesey
Singer
Troster,
and
Shopping Center Limited
Partnership
Kirkpatrick,
B.
-.
-Class A
West Falls
$286,000
Securities,
Co.
&
(Edward
Debentures
fe
$240,000
;
and
(Hodgdon
Co
Frederick's of Hollywood, Inc
Whipple
Universal
Common
&
Ciass A
1-1
Co.Inc.)
Co., Inc
Ahalt
R.
$2,000,000
Class
&
$480,000
Inc.)
Telephone Service, Inc
(J.
Debentures
Inc.
(Sinclair
(Bacon,
United
$1,250,000
Common
Bessel,
&
Co.
&
(Milton
Inc.)
Inc..
&
$350,000
!—:
&
Trans-Alaska Telephone
shares
Landstreet
Inc.
Co.,
&
Paper Converting
150,000 shares
Co.,
Inc.)
..Common
(Meade
Landstreet
Clara,
Co.,
Corp.
Thom-Tex
$1,200,000
Inc.)
Myers
(Garat
(Searight,
Common
Co.,
Peabody
Ten-Tex
Securities
$300,000
and
&
Harris
M.
Electronics
Seg
Common
City
Common
Corp.——
Blair
H.
..Common
$250,000
Inc.)
Co.,
Corp
units
Cohon
&
335,000
(Kidder,
—Conv. Debentures
Clark,
Securities
(To be
Ctfs.
&
(Irving J. Rice & Co., Inc.)
600
100,000
(Hemphill, Noyes & Co.)
Trust
Ben. Int.
Stout
&
Clark
Gilhart
D.
•
;
$600,000
Salant & Salant, Inc
Cruttenden,
Lenox, Inc.
Equip.
EDST)
Common
Dyna-Mod Electronics Corp
shares
(Wednesday)
Pacific Co.—
Inc.)
Winslow,
&
Square Corp
shares
Inc.)
Morris
and
Sons
(Hayden,
650,000 shares
Corp
Co.,
and
r.
..Common
Rice
J.
Radio
(D.
Units
William T.
Sons
fe
(Searight.
$50,000,000
shares
..Common
shares
Country Set, Inc.
140,004 shares
Mountain States Tel. & Tel. Co
180,000
Co.)
Primex Equities Corp
548,532 shares
Investment & Mortgage
(Rouse,
shares
150,000
300,000
Inc.)
(Van
Co., Inc
Miller)
named)
Co.
&
Walker
(Tuesday)
Reduction
be
and
Gould Paper
Air
Co.)
162,500
Class B
&
King, Libaire,
(Robert
..Common
shares
Zeckendorf Properties Corp
Barney
Corp.
(A.
shares
Central Investment & Mortgage Co
Geriatric
$150,000
—______
(Lehman
50,000
Bloomfield Building Industries, Inc
Common
First
Sons)
Corp
(To
FIFCO,
Co
140.000
&
Assembly Products, Inc.:
(Genessee
$150,000
$651,300
& Co.)
Co.
Electronics
Peerless
35
Common
Whiteside
&
Micro-Dine
Common,
page
Common,
(Smith,
Penn
&
&
on
Co., Inc
Masury-Young
Common
(Gianis
Textile
Fashion
shares
Continued
Corp.
-.
$300,000
Industries, Inc
Common
Bond,
Co.)
stockholders—underwritten
Common
Welcome Baby, Inc
(Globus.
Masco
(Irving
Co., Inc
&
(Goodbody & Co.)
shares
Corp
(Gateway Stock
Wade, Wenger
Mac-Allan
$25,000,000
States Life Insurance Co._
to
shares
& Son, Inc
(Bear,
"/•
Common
Inc.)
Capital
Langley & Co.) 550.000
A.
Arnav
(Joseph
Common
(J.
EDST)
stockholders—underwritten
$360,000
Corp.
Turner (J. L.)
(Offering
Central
shares
International, Inc
C.
March 13, 1962 filed 80,000 common. Price—$4. Busi¬
ness—Manufacture, development r.nd sale of pharmaceu¬
tical and veterinarian products, rroceeds—For advertis¬
ing, research, debt repayment and working capital.
(Ch^cs,
Co
Common
L.
Thompson Manufacturing Co., Inc
Towers
to
(Lieberbaum
Common
P.
(Offering
(Prescott & Co.
Common
Co.,
./
$40,000,000
Corp
Fuller
Gas
Common
Kroeze, McLarty & Duddleston)
Indefinitely post-
—
Leaf Pharmacal Co., Inc.
Gold
Orion
Corp.)
A
shares
Shelley Manufacturing Co
State
f
Ohio.- Underwriter—Mc¬
Ave., Dayton.
Co., Cleveland. Offering
(Robbins,
Garrett
D.
(S.
Ascot
Pictures, Inc
60,000
Solid
(Robert
shares
shares
(Equitable Securities Corp. and
(George,
,
Pro¬
Office
poned.
(Monday)
Kroeze, McLarty & Duddleston)
40,000
&
(Eisele
a.m.
Podesta &
Class
(Equitable Securities Corp.
Stanley
(Kordan
11
American
Common
Pictures, Inc
School
—1784
Donald
working capital.
Metropolitan Realty Trust
Sclfuss
Chemical
Darlington
shares
Engineering
(Bear,
School
McDowell
&
June
Alcolac
American
.Capital
Blosser
>
powdered metal products
motors,
ceeds—For debt repayment and
Debentures
Scientific
(John
Common
&
electric
and devices for the missile and aircraft industries.
—Bonds
American Bolt & Screw Mfg. Corp
$316,000
Sawyer's Inc.
Schaevitz
Oct. 30, 1961 filed 200,000 common, of which 100,000 are
to be offered
by the company and 100,000 by stock¬
holders. Price—By amendment. Business—Manufacture
(Friday)
Brunswick
Units
Corp.)
Underwriter—Sprayregen, Haft & Co., N.Y.
Industries, Inc.
shares
Drilling Co..
(Dean
Globe
New York Testing Laboratories, Inc
Common
Warwick,
Manufacturing
Santa
-
Ave., N. Y.
(Thursday)
Common
Inc.)
a.',
Co., Inc., Austin, Texas.
(George K. Baum
$975,000
:___
Columbia Gas Systems, Inc
June 8
fiberglass
of
Corp. (6/25-29)
March 23, 1962 filed 150,000 common, of which 60,000
are to be offered by the company and 90,000 by the com¬
pany's parent, Glen Modes,'Inc. Price—By amendment
(max. $7).
Business—Design,^production and sale of
women's fashion accessories, and sportswear.
Proceeds
—For
general corporate purposes.
Office—417 Fifth
Common
EDST)
&
Tucker
$300,000
Inc.
(Bids 11
541.000 shares
Common
E.
C.
—Capital
Winston & Co., Inc.)
a.m.
«
.
Price—At-the-
sale
and
•
.
Proceeds---For selling stockholders.' Of¬
fice—9109 Reid Rd., Austin, Texas. Underwriter-r-James
Whipple & Co. and Freehling, Myerhoff & Co., Chicago.
Bakers,
/
v.
pleasure boats.
t
Gilfillan
Hempstead, N. Y.
common.
Business—Manufacture
market.
of miniature
(6/11-15)
Inc.
Research,
^ Glastron Boat Co.
May 4, 1962 ("Reg. A") 33,114
new
Feb.
June 7
Corp.
R.
repayment,
Rd., Great Neck, L. I., N. Y. Underwriter
—J. J. Krieger & Co., Inc., N. Y. Offering—In June.
Geriatric
in
Address—San Juan, Puerto
general corporate purposes.
Common
MacPherson
(I.
debt
stores
products, sales promotion and working capital. Office—
;Cy«f4'-V'
(Balogh & Co.)
United Gas Corp
Common
.
Ridgewood Financial Corp
(Vickers,
department
88 Cutter Mill
(Bids 11:30
Rego Radio & Electronics Corp
Roadcraft
For
—
Common
Inc
(Roih & Co..
(General
through
Superior
$1,200,000
Inc.-.
(Bear, Stearns & Co.)
Publishers
78,000 common. Price—$2.75.:
vitamins
of
deben¬
sold by
to be offered
are
consisting of a $100 debenture and 36 shares. Price
—By amendment. Business—Manufacture of restaurant
and other type furniture which it sells principally, to
dealers in Puerto Rico.
Proceeds—For equipment and
Debentures
_
(Dean
Drug Corp.
("Reg. A")
The securities
Glensder
April 27, 1962 filed 1,000,000 shares. Price—A maximum
of $10.
Business—A real estate investment trust. Pro¬
ceeds—For investment.
Office—111 Broadway, N, Y.
General
Corp.
Offering—Expected sometime in June.
Inc.
:V:
(7/16-20)
Industries
Rico. Underwriter—Edwards & Hanley,
'
Investment Co. of Connecticut,
General
Girard
units
April 11, 1962 filed 400,000 class A common. Price — $10.
Business—An insurance holding company. Proceeds—
40,576 shares f
Pay'n Save Corp
Perfect Photo,
Inc.
Economics Syndicate,
General
Common
$400,000
1
Blvd., Los Angeles. Underwriter—Blyth & Co., Inc., Los
Angeles. Offering—Expected in June.
certain stockholders.
registration will be withdrawn.
(Thomas Jay,
Pay'n
Thursday, May 24, 1962
.
This
Stephens (M.) Mfg., Inc
Pal-Playwell Inc.
.
March 28, 1962 fled $250,000 of 6% conv. subord.
tures due 1972 and 90,000 common shares to be
April 3, 1962
1962 filed 105,000 common.
.
working capital. Office
—Ridge Rd., Monmouth Junction, N. J.
Underwriter
—Hess, Grant & Remington, Inc., Philadelphia. Note—
•
(6/4-8)
systems
multiple telemetering. Proceeds—For inventory, debt
repayment, sales promotion, and
Price—$3. Business
330,000 common.
and
components
electromechanical
and
tronic
Continued from page 33
Proceeds—For
rwwmMwUrt.ii
-
•
-
■
:
—
-
-■
•
Continued
on
page
35
o
Volume 195
Number 6162
.
.
The Commercial and Financial Chronicle
.
Continued from page 34
Office—36 Lawton
—Droulia
&
Golden
Co.,
subscription by stockholders of affiliated companies at
the rate of
St., New Rochelle, N. Y. Underwriter
N. Y.
\
^
Pagoda,
Inc.
;
Price—$10.
ness—Company plans
operate
nianaloe
•
to
Proceeds—For
build
and
construction.
Ave., Hilo, Hawaii.
Busi¬
tourist
a
Office—1477
•
Golden State
Properties, Inc.
March 29, 1962 ("Reg.
A") 75,000 common. Price—$4.
Business—Company owns and operates discount stores,
&
April 13, 1962 filed 381,600
to
Smith &
common
stockholders
common
of
writer—None. '
Granco,
March
Government
23,
.
..
Inc.
1962 filed $600,000
Employees
•
bank
subord.
conv.
de¬
Underwriters-Midland Securities Co., Inc;, Kansas
City,. Mo. Offering-e-Expected in July.
.
NOV. 2l,
i961^iled l00,Ui^ coiiimyii" ^rice—$6,
~Real estate:investmeiit. Proceeds—For
working crapi-
tal
and
N;
other
corporate
Bryant,-Inc.; Washington, D. C.
-Gould Paper Co.
.
H
St.,
Underwriter—Rouse, Brewer.
W., Washington, D. C.
Becker &
Office—1707
purposes.
(6/11-15)'
•
Sept. 28, 1.901 filed* 14u,000 common. Price—$11. Busi¬
ness—Manufacture of paper.: ;Proceeds—Expansion and
/
working capital. Offire—Lyons Fails, NV Y. Utiderwritei
—Van Alstyne, Noel
Gourmet
April SO,
& Co., N. Yi
/,
*
("Reg. A")
capital
'
'
shares.
'
Price
of restaurants in Disney¬
land Hotel.4 Proceeds—For
selling stockholders. Office—
1445 S. West
St., Anaheim, Calif.
Underwriter—Crut-
Co., Inc., 618 S. Spring St., Los Angeles.
Government Employees Financial
Corp/
17, 1961 filed 603,000 common to be Joffered
Grayson-Robinson Stores, Inc.
Jan; 26, 1962 filed
bentures due 1985.
Great
«
•
(Fred
Common
Colonial
*
Plains
;
:
Martin
Co.i
&
218,000
;
164,000 shares
&
Lane
Class
/
$300,000
Co.)
Corp
Space
Corp.)
1*
&
Co.)
Inc
(White
&
Steel Plant
...Common
$500,000
Co.,
Inc.)
S.
D.
Aerodyne Controls Corp
.
Co.)
$180,000
American Cardboard & Packaging Corp.__Common
(Milton
D.
Blauner
Hallowell,
American
&
Co.,
Laboratories, Inc
American
(Hayden,
Inc.
..^Common
Investors)
Mortgage
.
Babs,
Inc.; ,M. L. Lee & Co., Inc. and
Jenks, Kirkland & Co.) $525,000
Sulzberger,
(California
„
Common
&
200,000 shares
Investors-^
Stone
Co.)
&
Blauner)
Securities
Co.)
•l
Mil ten
D.
Blauner
&
Inc.)
225,000
G.
Davis)
Food Equipment
&
Co.
and
Paul
Co.,
Inc.)
Securities,
Inc.)
-
Fastpak,
Inc.)
June
$300,003
&
Co.. Inc.)
—
"
'(Bear,
Stearns
&
Co.)
June
(Seymour
^
Blauner
'
r
&
Co.
Co.,
Manufacturing
(Richard
Bruce
&
and
Stix
Class A
Wasserman
Co
Co.,
and
Reuben
Rose
&
Co.,
Inc.)
E.
Liederman
&
Co.,
Inc.)
(Arnold,
Wilkens
(Kuhn,
Rose
&
Co.,
&
Co.,
Inc.)
&
$600,000
.
S.
542,000
shares
'
•
Corp.)
.
(Louis) Enterprises, Inc
-(Morris
Cohon
&
Co.
and
__Clais A
Leiberbaum
&
Co.)
Morse Electro Products Corp.
(Standard
National
(Lee
$1,250,000
Corp.)
Investing
Semiconductor
Higginson
"
/
-
$10,000,000
Debentures
Equipment & Plastics Corp
(Cortlandt
National
Securities
Corp.)
Common
$525,000
Corp
Capital
Corp. and Piper, Jaffray
*
75,000 shares
&
be
named)
Hopwood)
$1,750,000
Hope Academy of the Arts, Inc._;
(Mayo
RF
to
&
Co.)
&
Wickett
-
_
(Arnold
Common
Co.,
Inc.)
$200,000
.,
.Common
Inc.)
490,000
&
Co.)
$200,000
>
$40,000,000
&
Co.,
Inc.)
Taylor
—Common
&
Inc.)
Co.,
$306,000
Power
to
Co
Bonds
received)
be
$5,000,000
(Wednesday)
to
be
Preferred
$15,000,000
named)
June 28
(Friday)
Microdot, Inc.
•t
.
-
;
v
.
Capital
/(White, Weld
& Co')
170,000 shares
Nopco
(Monday)
Chemical
/
Co.—
Debentures
—
White,
by
Mill
River
Industries, lnc._!
Weld
&
Co.)
(Arnold
Malkan
&
Co.,
Inc.)
-Common
$500,000
Common
(Arnold Malkan & Co., Inc.)
July 9
Dyna
$325,000
(Monday)
Mfg.
Co
Common
(Raymond
Moore
Co.)
&
$300,000
July
10
(Tuesday)
New England Telephone & Telegraph Co.__Debens.
(Bids
Bonds
July 16
to
be
received)
$5u,000,0J0
(Monday)
International,
(No
&
Common
Co.,
Inc.)
and
Pierce
&
Co.,
Inc.)
Co.
&
Co.)
1,500,000
units
Common
Co.,
Inc.;
Corp
Thomas,
&
Hamilton,
Taylor
Corp.)
Williams
&
Lee,
Inc.
and
$375,000
&
Co.)
150,000
&
Co.
Units
'
shares
..Common
and
Penzell
&
Co.)
D.
Fuller
&
Co.)
200,000
shares
&
Co.,
Inc.)
(Robbins,
Clark
&
by
Kidder,
$5,023,800
Co.,'
Co.)
$500,000
1
(Wednesday)
Inc
(Dean
Witter &
Co.)
Common
517,122
shares
August 13
(Monday)
Hydro-Swarf, Inc.
—Common
(Raymond
November 7
Moore
&
Co.)
$485,000
(Wednesday)
Y
$372,000
Bonds
(Bids to be received) $23,000,000
(Bids
to
Preferred
be
received)
$7,000,000
Peabody
Common
—
Inc.)
August
Morton's Shoe Stores,
Georgia Power Co
.
Debentures
stockholders—underwritten
"
Electronics, Inc.l_.__
Common
&
Georgia Power Co
Norda Essential Oil & Chemical Co., Inc.—Class A
(S.
(Monday)
Markets, Inc
$990,000
—;
Taylor
July 23
United
shares
200,000
Fashions, Inc.—
Hamilton,
(Ingram, Lambert & Stephen, Inc. and Reuben Rose & Co., Inc.)
$1,500,000
(Moran
Common
Higginson
General Investment Co. of Connecticut, Inc.—Com.
Common
Inc.)
Co..
Common
$375,000
___..Units
.
Allen
and
Common
$375,000
—
(To be named)
Common
Rauscher,
Inc
underwriting)
Chemical Castings Corp
$199,875
166,666 shares
Rite
Class A
Rose
shares
Bonds
EDST)
a.m.
Co.
&
&
(Lee
■
.Common
Malkan
Reuben
(Tuesday)
Pacific
1
(Sprayregen, Haft & Co.)
to
and
Spears (L. B.), Inc
Kreedman Realty & Construction Corp
(Offering
Inc.
Hamilton,
(Underwriter
Saw
Packard-Bell Electronics Corp
Common
Co.,
f
Glensder Corp.
,
$440,000
(Offering to stockholders—underwritten
$100,000,000
Co.,
Transmission
(Godfrey,
Co.)
Packaging Co., Inc.-
July 2
Co., Inc
(Godfrey,
Lee
&
Common
&
Inc
$5,800,000
J
1
&
&
Crosse
$1,500,000
Interonics, Inc
v
Bruce
June 27
Common
-
(Underwriter
Sierra
shares
Garden State Small Business Investment Co.-Coin.
National Security Life Insurance Co.——Common
New
United
$350,000
125,000
'
Lesser
Dempsey-Tegeler
shares
__Pebentures
EDST)
Sessler
F.
Common
Co.)
&
(Richard
-.
Inc.__
Co.)
a.m.
11:30
Stearns
Electronic
(V.
$250,000
Co.__
Lceb
and
450,000
Inc.)
Common
/ ■
(Godfrey, Hamilton, Taylor & Co.) $500,000
Common
Products
Corp.)
Columbia Bancorporation
Duro Pen
Inc.)
Puget Sound Power & Light Co
$11,000,000
$1,200,000
Kapner, Inc.
Kenner
A
shares
Common
McDowell
&
Co.,
120.000
Inc.)
Inc
(Finkle
(Monday)
Peabody
(Bear,
_Class
Blosser
&
$300,000
American Southwest Realty Trust
$840,000
Jaylis Industries. Inc
(D.
(Straus,
page
Common
Associates,
Sun City Dairy Products, Inc
•
Class A
Securities
Common
Inc.
'
Marcin
on
(Bids to be received) $25,000,000
v
25
(Fred
(Kidder,
$600,000
Busi¬
instruments for measur¬
Proceeds—For debt repay-
(Henry), Inc
A.
(Bids
Adelphi Research & Mfg. Co
$10,000,000
Wm.
Inc.)
Rosenfeld
Sampson Enterprises,
(Thursday)
.Debentures
International Drug & Surgical Corp
:
.
Biologies
$625,000
Acres
Price—$2.25.
common.
Common
Corp
21
Green
in
Instruments Inc.
ing atmospheric conditions.
June 26
Cincinnati Gas & Electric Co
,
Malkan
Grayson-Robmson Stores, Inc
Iona
Gas
Common
(Arnold
•
United
(Bids
Common
.
Co.,
(Henry J.)
(Godfrey,
—
Weld
area
ness—Manufacture of precision
$340,000
Co.)
Inc. and Reuben,
$300,000
Schramm
(White,
$250,000
Inc.
\
v
(Wednesday)
(S.
$300,000
Fairway Mart, Inc.
Carno
Green
April 30, 1962 filed 150,0C0
Common
Securities
11
recreation
Stream, L. I. Proceeds—For
general corporate purposes. Office—120 Broadway. N Y.
Underwriter—R. L. Warren Co., St. Louis. Offering—
Temporarily postponed.
$600,000
Inc.)
Securities
(Tuesday)
(Bids
Inc.
Valley
Center,
(Robert
Common
(Meadowbrook
J.
Inc.)
Ideal Toy Corp
Common
Co.,
Pike, Inc.
(A.
Co.,
(Andresen
June 20
and
amusement
Shopping
Common
Scope Publishers, Inc
Common
Corp.
Eisenberg
&
19
Funtown
$1,200,000
Automatic Controls, Inc
$240,000
(Rittmaster, Voisin & Co. and Midland Securities Co., Inc.)
72,000 shares
(Carroll
indoor
Common
;__
Coast
Wynlit Pharmaceuticals,
—Units
Consumers Mart of America, Inc._—_
Ellner
World
Acres
scription by stockholders of Bowling Corp. of America,
parent. Price—$3. Business—Company will operate an
Class A
Lewis
(Standard
shares
Inc
(M.
Green
Consolidated Edison Co. of New York, Inc.__Bonds
$255,000
Co.,
For
burgh. Underwriters—Moore. Leonard & Lynch and Sin¬
ger, Dean & Scribner, Pittsburgh.
$600,000
Scope Publishers, Inc
Common
Products,
Dunhill
World
Joshua
June
Corp
v/.V,./ /
,
Co.)
Inc.)
Busi¬
business investment company. Proceeds—
investment. Office—952 Union Trust Bldg., Pitts¬
Tujax Industries,
(Andresen & Co.) $690,000
Corp
.
Common
„.
(Adams'&
Concord
(John
$600,000
Berne Of California, Inc
Buddy L.
Int.
„
ness—A small
$567,000
Voron Electronics Corp
..Common
Coast
:
Co., Inc
Co.,
Securities
(Standard
Ben.
$19,500,000
„
(Pacific
$375,000
Inc.)
Industries, Inc
(Pacific
Co., N. Y. Offering—Temporarily
*
Common
Vendex, Inc.
Clark
Inc.)
Scientific
*
general corporate
Clifton. N. J. Under¬
Rd.,
Greater.Pittsburgh Capital Corp* (6/4-8)
14, 1961 filed 250,OOu common
Price—$11.
,—Common
200,000 shares"*"*^
Cycle Corp
>
U.
$562,500
Entin
Nov.
$2,250,000
Equipment Corp
Common
(Monday)
(Robbins,
Co.,
Securities
(Lloyd
Proceeds—For
containers.
Common
(Edward
18
Inc.)
Price—By amendof corrugated
Business—Manufacture
Office—149
postponed.
(Joseph W. Hurley & Co.) $208,980
Stelber
Sternco
$300,000
^
and
purposes.
Capital
'
June
Co.,
Warwick,
Securities
(Albion
Common
Russotto
Aviation,
&
(Milton
A
:
board
max.).
writer—D. H. Blair &
_
Sokol Brothers Furniture
v
_____;
Maintenance
(Costello,
-
Walston
&
Signalite Inc.
shares
Industries, Inc
'
(General
($7
Inc.
common.
Continued
Servotronics, Inc.
$220,500
Common
Co.)
(Birkenmayer
(L.~ P.)
Tabach
&
Corp
(Johnson,
.
Inc.)
Co.__—
(Putnam
Great
Co.,
MacPherson
.Units
Stearns
Board
-
&
Corp.:
Bear,
.
,
Sessler
F.
Vickers,
.
Common
Elmaleh
and
Security Aluminum Corp
Industries, Inc
v,
American' Plan
Co.
ment
-
1961 filed 100,000
29,
Investment Trust.
Products, Inc.
&
Proceeds—For working'
agency.
Greater New York Box Co.,
Dec.
•
-
Investment Trust
Place, Baltimore. Underwriter
Note—This firm formerly was known as
Continental Real Estate
Research
(Friday)
-
.
Estate
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
(Gross
Air-Tech
$10,000,000 of 5% senior subord. de¬
Price—By amendment. Business—
Continental Real
insurance
an
Jan. 23, 1962 filed 225,000 common to be offered for sub¬
(6/18-22)
Retail sale of women's and children's
apparel and photo¬
—To be named.
for
Continued from page 34
15
/
ment. Office—530 Si. Paul
Aug.
June
* v
Proceeds—For expansion,
' diversification, and working capital* Office—550 W 59th
St., N. Y. Underwriter — Bear, Stearns & Co., N. Y.
—$3.50.,; Business—Operation
tenden &
V-,
•
graphic and audio equipment.
.
28,213
*
.
Restaurants, Inc.
1962
/
Grand Bahama Development
Co./ Ltd. r
Jan, 23, 1962 filed 250,000 common. Price — By amend¬
' ment. Business—Sale and development of land on Grand
" Bahama Island for residential and resort purposes. Pro¬
" ceeds—For general corporate purposes. Office—250 Park
Ave., N. Y„ Underwriter—Allen & Co., N. Y. Offering—
Expected sometime in June.
Business
and
capital, debt repayment and expansion. Office—368 Main
St., Longmont, Colo. Underwriter—Birkenmayer & Co.,
Denver.
of 6%
department stores/. Proceeds—For debt repayment and
working capital. "Office—182 Second Ave-., San* Fran¬
cisco.
(6/15)
1962 ("Reg. A") 60,000 class A common. Price
—$5. Business—Company plans to establish an industrial
.
1977 to be offered in 1,200 units.
withdrawn.
Price—
$500 per unit. .Business—Operation of jewelry stores,
Realty & Construction Corp.
April 2, -1962 filed 550,000 class A shares.
:Price—$10.-Lt jewelry concessions arid a liquor concession in discount
*
Co., N. Y.
Great Plains Corp. |
March 26,
Good-Era
v
common.
ment
: bentures due
Business—Company plans to develop, operate, construct
and manage real estate. Proceeds—For
general-corporate
purposes. Office—151 N. Dean St., Englewood, N. J. Un-
Co.
ment Employees Insurance Co., two rights for each share
held; to common stockholders of Government Employees
Life Insurance Company, one right for each share
held;
>.
was
35
Price—By amend¬
(max. $5). Business—Company plans to write cer¬
tain types of fire and casualty insurance. Proceeds—For
general corporate purposes. Office—116 John St., N. Y.
Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
To
consumer finance
company. Proceeds—For
working capital. Office—1700 Broadway, Denver. Under¬
Underwriter—Adams
Co., Los Angeles. Note—This letter
rights held of record
stockholders of Govern¬
Insurance
Eastern
Great
15
Business—A
"
shopping centers and resort hotels.' Proceeds—For de¬
velopment of additional stores. Office—1617 S. Pacific
Coast Hwy., Redondo Beach, Calif.
each
Corp., four rights for each share held, and to common
stockholders of Criterion Insurance Co., one right for each
share
held.
Rights will expire June 29. Price—$7.50
Kala-
Underwriter—None.
share for
one
June 1, as follows:
.
March 28, 1962 filed 260,000 common.
hotel.
(2471)
November
28
Southern Electric
(Wednesday)
Generating Co
(Bids to be received)
46.500 ooo
Bond*
36
36
The Commercial and Financial Chronicle
(2472)
Continued from page 35
agency for sale of TV and radio spot time.
For working capital. Office—170 Varick St.,
ment,
equipment and working capital.
Office—2500
Shames Dr., Westbury, L. I., N. Y. Underwriter—None.
Greenman
derwriter—Van
Alstyne, Noel
Proceeds—
N. Y. Un¬
Indefinite.
units consisting of one
375
$10
repayment, inventory and working capital.
Office—35 Engel St., Hicksville, N. Y.
Underwriter—J.
R. Williston & Beane, N. Y.
•
Gulf American
Land Corp.
filed $11,000,000 of 6V2% conv. subord.
1977, to be offered for subscription by stock¬
holders at the rate of $200 of debentures for each 60
Feb.
28,
debs,
1962
due
shares held. Price—At par.
common
is engaged
in Florida.
corporate
Miami,
Business—Company
in the development of planned communities
Proceeds—For
purposes.
Fla.
debt
Office
Underwriters
Street & Co.,
—
—
repayment and general
557 Northeast 81st St.,
Morris
Cohon
&
Co.
and
Inc., N. Y. Offering—Expected in June.
Hallandale Rock & Sand Co.
purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
one warrant. Price—$18 per unit.
Business—Extraction,
processing and sale of rock and sand. Proceeds—For
plant and other corporate
purposes.
a
Address—Hal¬
landale, Fla. Underwriter—Mutph, Khanbegian, Flynn &
Green, Inc.. 115 Broadway, N. Y.
•
Halo
Lighting, Inc.
27, 1962 filed 300,000
Mar.
will
sold
holder.
of
recessed
For
incandescent
lighting
fixtures.
general
corporate purposes.
Underwriter—R. W. Pressprich &
Proceeds—
Office—Chicago,
111.
on
basis of
one
preferred share for each 10
Helix
Land
Inc.
Underwriter—None,
ained
manufacture
of
Associates, Inc., N. Y. Offering—Indefinite.
tion
and
For
debt
Hampden Fund, Inc.
24, 1962 filed 500,000 common. Price—$10. Busi¬
ness—A closed-end investment trust which plans to
become
open
2100
East
Reid
&
end.
Proceeds—For
investment.
Office—
Ohio
Bldg., Cleveland. Underwriter—Fulton,
Co., Inc., Cleveland. Offering—In June.
Hanna-Barbara
Productions, Inc. (6/4-8)
filed 200,000 capital shares. Price — By
amendment. Business—Production of television cartoons
Dec.
29,
and
Proceeds
For
building and
working capital. Office—3501 Cahuega Blvd., V.Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
—
a
new
N. Y.
'
Happy House, Inc.
July 28, 1961 filed 700,000 common shares .Price—$1.
Business—The marketing of gifts, candies and
greeting
cards through franchised dealers.
Proceeds—For equip¬
ment, inventory and working capital, Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None. Offering
—Expected in July.
Hardlines
26,
1962
filed
200,000 common, of which 100,000
are to be offered
by the company and 100,000 by a stock¬
holder. Price—By amendment. Business—Retail sale of
housewares,
hardware,
lighting
fixtures,
automotive
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working capital.
Office—1416
Providence
Highway, Norwood. Mass. Underwriter—McDonnell &
Co., N. Y. Note—This offering was temporarily post¬
poned.
park. Proceeds—For property development,
advertising,
and working capital. Office—3100
Tremont Ave., Cheverly, Md, Underwriter
Switzer & Co.,
Inc.,
—
Silver
Springs, Md.
Harley Products,
March
28,. 1962 filed
Inc.
75,000
Price—$4.
common.
Busi¬
ness—Design, production and distribution
of belts and
related products. Proceeds—For sales
promotion, expan¬
sion, inventory, and debt repayment. Office—476 Broad¬
way, N. Y.
Underwriter—Finkle & Co., N. Y.
•
Harrington & Richardson, Inc.
March 7, 1962 filed 180,000
common, of which 40,000 are
to be offered by
company and 140,000 by stockholders.
Price—By amendment
(max. $30).
ture
rifles to U.
and
sale
of M-14
Business—Manufac¬
S.
Govt.
Proceeds-
Equipment, plant expansion and working capital.
Office
—320
son,
•
Park Ave., Worcester, Mass.
Underwriter—ShearHammill & Co., N. Y. Offering—Imminent..
Harris
See
(Paul) Stores, Inc.
Paul, Harris Stores; Inc. *
v
?'
■ - -
7
Hart's Food Stores, Inc.
March 28, 1962-filed 235,550 common.
and
(max. $16).
small
food
Underwriter—To
Hill
Oct.
Proceeds—For
selling stock¬
holders. Office—175 Humboldt
St., Rochester, N. Y. Un¬
derwriter—Merrill Lynch, Pierce, Fenner & Smith
Inc.,
New York. Offering—Expected sometime in
August.
•
Harwyn Publishing Corp.
Jan. 29, 1962 filed 300,000 class A common. Price
amendment. Business — Publishes illustrated
works
for
children
and
operates
products.
general
Proceeds—
corporate
purposes.
on
a
an
—
advertising
•
convertible
Business
ceeds—For
common
Manufacture
—
capital.
For
25,650
units consisting
of one
9
Honora, Ltd.
29, 1961
(6/11-15)
("Reg. A")
their
distribution
in
of
U.
House of
S.
pearls
in
Japan
of
Vision,
Inc.*,. (6/4-6),.>•
(max. $17).
Business—A dispensing optician and
a
"manufacturer and distributor of optical equipment. Pro¬
ceeds—For selling stockholders. Office—137 N. Wabash
Ave., Chicago.
Chicago.
Underwriter—Hornblower
&
Weeks,
Hunsaker
March
Corp.
30, 1962 filed $1,600,000 of convertible subordi¬
due 1977 and 250,000 common shares.
By amendment (max. $6 per common share).
Business—Construction of homes and apartments on land
which company has acquired in Southern Calif. Proceeds
Price
—
1962
Industries, Inc.;
("Reg. A") 100,000
Price—$3.
common.
Engineering Corp.
International Drug
& Surgical Corp* (6/18-22)
class A shares. Price—$4.
Business—Importing, licensing, and », manufacturing of
pharmaceutical and medical instruments^ Proceeds—For
working capital and other corporate purposes. Office—
375 Park Ave., N. Y. Underwriters—Seymour Blauner
Co., and Wm. Stix Wasserman & Co., Inc., N. Y.
1962 filed 150,000
23,
International
,
Price—$5.
Business—Importing of Japanese liquors. Proceeds—For
debt repayment,
advertising, inventory and "working
capital. Office—129 S. State St., Dover, Del. Underwriter
—P. J. Gruber & Co., Inc., New York.
30,
(max. $14).
March
and
common.
Price—$15.
Underwriter—None.
general
Koshu, Inc.
common.
120,000 common. Price—By amend¬
Business—Development and produc¬
tion of equipment for use in testing the physical char¬
acteristics of various materials.
Proceeds—For selling
stockholders. Office—2500 Washington St., Canton, Mass.
ment
Price—$3.75.
Proceeds-^-For
29, 1962 filed 75,000 class A
House
Corp.
500,000
small business investment company.
Instron
v
common.
corporate purposes. Office—42 W. 48th St., N. Y. Under¬
writer—Sunshine Securities, Inc., Rego Park, N. Y.
March
Ave., N. Y.
address).
March 26, 1962 filed
Co.
v
76,500
cultured
the
(same
Proceeds—-For acquisition of land and building, equip¬
ment, inventory and other corporate purposes. Office—
4 Broadway Plaza,
Huntington Station. N. Y. Under¬
writer—Price Investing Co., N. Y. Offering—June.
("Reg.
Business—Purchase
Inc.
Business—A contract manufacturer of precision products.
A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire
terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison &
Co., Philadelphia.
Nov.
1961
Instromech
March
repayment, exoansion and
Office—4344 E. Indian School Road,
Terminal
26,
ness—A
debt
Solderless
filed
Fifth
Office—505
investment.
Offering—Indefinite.
and
Phoenix. Underwriter—None.
HolSingsworth
and
equipment,
shares. Price—$1,000 per
1977
Holiday Mobile Home Resorts, Inc.
31, 1962 filed 3,500,000 common and 5-year war¬
rants to purchase 700,000 shares, to be ofiered in units
of 5 shares and one warrant.
Price—$50 pe* unit. Busi¬
ness—Development and operation of mobile home re¬
—
Index"
abstracts.. Proceeds—For
of
due
Jan.
Proceeds
Financial
Busi¬
Proceeds—
For general corporate purposes. Office—208 S. La Salle
St., Chicago. Underwriter—A. C. Allyn & Co., Chicago.
debentures
and
1962
and
Industry Capital
Dec.
liquid and semi-solid
specialty sauces. Proceeds—For debt
expansion. Office—109 S. Webster St.,
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee,
Wis. Offering—Sometime in June
27,
indexes
"The
(6/11-15)
amend¬
Price—By
common.
Industrial Growth Fund of North America, Inc.
April 20, 1962 filed 100,000 common. Price — Net asset
value (max. $11.50). Business—A closed-end investment
company which plans to become open-end in 1963. Pro¬
salad dressings and
Feb.
Systems, .Inc.
Business—Publishes
Distributor—Industrial Incomes
$500 debenture and 50
v/orking
Retrieval
promotion, office relocation, and working capital. Office
River St., Woodstock, Vt.
Underwriter—Searight,
Ahalt & O'Connor, Inc., N. Y.
^
basis.
shares to be offered in
repayment
&
29, 1962 filed 125,000
—19
House Sauce Co., Inc.
28, 1962 filed $250,000 of 6%% subordinated sink¬
fund
and
Index
other
Hoffman
ing
■
,
construction.
ment.
writer—None.
common
Office—212 W. Washington St., Chicago.
purposes.
jan.
Price—$3. Business—A
management investment company.
Proceeds—For in¬
vestment. Office—760 S. Hill St., Los Angeles.
Under¬
Feb.
184-10
—
Proceeds—For debt repayment, ex¬
working capital. Office—1801 Dorchester
Rd., Brooklyn, N. Y. Underwriter—Crow, Brourman &
Chatkin, Inc., N. Y.
be named.
share-for-share
&
T.
pansion
1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia
for
A.
and
Street Co.
nated debentures
By
encyclo¬
pedic
transfer
16,
ment
Price—By amend-f
Business—Operation of supermarkets
stores.
and
March 29, 1962 filed 150,000 common. .Price—By amend¬
"■
ment
heat
repayment
High Temperature Materials, Inc.
Price—By amendmeflW: Business—Manufacture
of products from test
models.
Proceeds—For equipment, research and devel¬
opment, leasehold improvements, repayment of debt and
working capital. Office—-130 Lincoln St., Brighton-Mass.
•
*
conditioning, commercial refrigera¬
Sept. 28, 1961 filed 120,000 common.
sorts.
Hargrove Enterprises, Inc. (6/4-8)
Dec. 8, 1961 filed 160,000 common.
Price—$5. Business
—Company plans to own and operate an amusement
air
Ave., N. Y. Underwriter—Pistell,
Inc., N. Y. Note—This registration was withdrawn.
unit.
Distributors, Inc.
of
industrial
Office
purposes.
ic Income Properties, Inc*
May 18, 1962 filed 200,000 class A shares and three-year
warrants to be offered in units consisting of one class A
share and one warrant.
Price—By amendment (max.
$12 per class A share). Business—Real estate investment
Office—405 Lexington
1961
commercials.
Jan.
—Production
corporate
Underwriter—None.
due 1974 and 134,000 common shares to be offered
products. Proceeds—For debt repayment, expansion and
other corporate purposes. Office—1827 Pacific
St., Brook¬
share
rate
Air-Conditioning of America, Inc.
26, 1962 filed $670,000 of 6V2% con. subord. deben¬
in units consisting of $50
of debentures and 10 shares.
Price—By amendment (max. $82.50 per unit). Business
general
each 10 shares held of record May 29, 1962.
T., holder of 99.32% of outstanding stock, will
subscribe for its pro rata share of the offering. Price—
$20. Proceeds—For debt repayment and general corpo¬
Hi-Press
tures
and
Illinois Bell Telephone Co. (5/29)
May 11, 1962 filed 3,771,577 common to be offered for
subscription by stockholders on the basis of one new
Proceeds—For equipment, inventory,
promotion, expansion and working capital. Office
—10-20 47th Rd., Long Island City, N. Y. Underwriter—
•
.
Ave., Hollis, Long Island, N. Y. Underwriter—
White, Weld & Co., Inc., N. Y.
equipment.
J. JB. Coburn
working
capital
and
Address—P. O. Box 5014—
Underwriter—None.
' ■
Jamaica
saies
Halsey Drug Co.
March 30, 1962 filed 79,500 common.
Price—$4. Business
—Manufacture, packaging and sale of proprietary drug
Jan.
ment
common.
Price—$5.
barbecue machines and
of
Busi¬
bulldozing machine called the
a
(6/20)
May 1, 1962 filed 490,000 common, of which 250,000 will
be offered by company and 240,000 by stockholders. Price
—By amendment (max. $20). Business—Manufacture of
toys and related products. Proceeds — For debt repay¬
Hickory Industries, Inc.
31, 1961 ("Reg. A") 40,000
Aug.
of
Proceeds—For
Ideal Top Corp.
Music Corp.
20, 1962 ("Reg. A") 60,000 common.
distribution
of which 80,000
17,000 by certain stock¬
common,
and
general corporate purposes.
Boise, Idaho.
Price—$3.50.
phonograph
records.
Proceeds—For relocation, equipment, accounts
payable, and working capital. Office—150 W. 55th St.,
N. Y.
Underwriter—Whitestone Securities Ltd., 15 E.
40th St., N. Y.
V
Mar.
lyn, N. Y. Underwriters—Packer-Wilbur & Co., Inc., and
Alessandrini & Co., Inc., N. Y. Offering—In late
July,
"Multi-Moyer."
Herald
and
97,000
by company
ness—Manufacture
1962 filed 586,000 capital shares. Price—By
amendment
(max. $5). Business—General real estate.
Proceeds—For general corporate purposes.
Office—4265
Business—Manufacture
(8/13)
filed
1962
sold
writer—Raymond Moore & Co., Los Angeles.
April 27,
March
30,
be
ic Idaho Manufacturing & Sales, Inc.
vl
May 7, 1962 ("Reg. A") 60,000 common. Price—$5.
St., Albany, N. Y. Underwriter—None.
Co.,
Underwriter—None.
basis. Proceeds—For debt repayment and working capital.
Office—7050 Valley View St., Buena Park, Calif. Under¬
com¬
Price—$12. Business—Real estate. Proceeds
general corporate purposes and debt repayment.
Office—40 Beaver
Ave., N. Y.
holders. Price—$5. Business—Manufacture, assembly and
sale of aircraft and missile
components on a sub-contract
held.
mon
—For
Co., N. Y. Offering—
Temporarily postponed.
will
Development Corp.
March 28, 1962 filed 23,300 shares of 5% convertible
preference stock to be offered for subscription by stock¬
Business—The
common, of which 100,000
by the company and 200,000 by a stock¬
Price—By amendment. Business—Manufacture
be
March
Heartland
holders
Park
Hydro-Swarf, Inc.
Underwriter—White, Weld & Co., Inc., N. Y.
Summit Dr., La Mesa, Calif.
March 30, 1962 filed $250,000 of 8% subordinated deben¬
tures due 1977, 200,000 common and 6-year warrants to
new
share and one warrant. Price—
Business—A real estate investment trust.
Proceeds—For
working
capital.
Address—Honolulu,
Hawaii.
29,
value
unit.
per
purposes.
(E. L.)
Associates, Inc.
1962 filed 50,000 common. Price—Net asset
per share plus 2%.
Business—A closed-end in¬
vestment company. Proceeds—For investment. Office—
of toys,
Proceeds
corporate
Hutton
March
hobby lines and sporting equipment.
other
and
Irwindale, Calif. Underwriter—
Bateman, Eichler & Co., Los Angeles.
ic Hawaii Real Estate Investment Trust
May 18, 1962 filed 1,000,000 shares of beneficial interest
and eight-year stock purchase warrants to be offered in
debt
Thursday, May 24, 1962
.
debt repayment
Office—15855 Edna PI.,
Bros., Inc.
April 25, 1962 filed 150,000 common, of which 75,000 are
to be offered by company and 75,000 by stockholders.
Price—$10. Business—Wholesale and retail distribution
—For
.
—For
Co., N. Y. Offering—
&
.
Electronics
Corp;....
April 30, 1962 ("Reg. A") 75,000 class A common. Price
—$4. Business—Importing, processing and marketing of
electron tubes.
Proceeds—For debt repayment and gen¬
eral
purposes.
corporate
Office—81
Spring
St.,
Y.
N.
Underwriter—Brand, Grumet & Seigel, Inc., N. Y.
•
International
Plastic
Container
(6/4-8)
Price—$2.50.
Business—Manufacture of plastic products produced by
extrusion
and
thermoforming. v Proceeds—For equip¬
March
26,
1962
filed
200,000
Corp.
„
common..
ment; rent; salaries and working capitak.- Offiee—818^-r
St., Denver*.1 Underwriter—Amos C. Sudler & Co.,
H7th
Denver., 1'
•
'
.
..
_
,
I..
International Protein Corp..
Jan. 26,
—Distributes
,
.
Business
fishmeal and animal by-product proteins.
Proceeds—For
ital.
(6/11^15)
Price—$5.
1962 filed 90,000 common.
expansion, machinery, and working cap¬
Underwriter—Arnold
Office—233 Broadway, N. Y.
Malkan & Co., Inc., N. Y. Note—This firm formerly was
named Marine & Animal By-Products Corp.
•
-.
.
4
.
International Realty Corp.
April 27,
1962
filed $18,000,000 of s. f. debentures due
1977, 360,000 common shares and-five, year warrants to
Volume
195
Number 6162
.
.
.
The Commercial and Financial Chronicle
purchase 540,000 common shares to be offered in 180,000
units, each unit consisting of $100 of debentures, two
common shares and warrants to purchase three
addi¬
tional shares.
Price—By amendment (max. $110 per
unit). Business—Real estate investment. Proceeds—For
Jarcho
(2473)
Inc.
Bros.,
March 23, 1962 filed 240,000 common. Price—By amend¬
ment (max. $12).
Business—Installation of plumbing,
poses.
heating, ventilation and air-conditioning systems. Pro¬
ceeds—For selling stockholders. Office—38-18 33rd
St.,
Long Island City, N. Y. Underwriter—Shearson, Hammill & Co., N. Y. Note—This offering was
temporarily
writer—Kidder, Peabody & Co., N. Y. Offering—July.
postponed.
debt
repayment; construction, and other corporate pur¬
Office—919 N. Michigan Ave., Chicago. Under¬
International
Systems Research Corp.
Maich 30, 1962 filed 110,000 class A common and 9-month
war-ants to purchase 110,000 class A shares at $4 per
shaie, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit.
Business—Design,
development and manufacture of mechanical, electromecnanical
and r electronic
equipment
for government
Proceeds—For equipment,
debu repayment and working capital.
Office—Engineer's
Hilh Plainview, L. I., N. Y. Underwriter—Internationa)
agencies
the
and
Services
military.
Corp., Clifton, N. J.
1:
it International Terrazzo Co., Inc.
A■'< vi"
May 15, 1962 ("Reg. A") 75,000 common.'
Price—$2.
Business—Manufacture and installation of terrazzo floor¬
ing, and the installation of marble and tile.
For
equipment,
other
lyn,
working capital and
Office—826 62nd St., Brook¬
Underwriter—Drourr, Lampert & Co., Inc.,
corporate
N. Y.
New
debt
Proceeds—
repayment,
purposes.
York.
Interstate
Equity
30, 1962 filed 1,605,100 shares of beneficial interest.
Price—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
Mai ch
Ave., N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
Offering—Expected in June.
•
Interworld
Film
Distributors, Inc.
common. Price—$4. Business
Sept. 29, 1961 filed 106,250
Theatrical
and
distribution
domestic
feature
and
co-production
films.
Proceeds—For
of
foreign
acquisition,
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co.. Inc.. and S. Kasdan &
Co., Inc., N. Y. Offering—Indefinitely postponed.
Investment Management
May 10, 1962 filed 100,000 common to be offered for sub¬
scription by stockholders on a 2-for-l share basis.
Unsubscribed shares will be offered to the public.
stockholders, $2.50; to the public, $3.50. Business
—Manager and distributor for Western Industrial Shares,
Inc., a mutual fund. Proceeds—For debt repayment and
general corporate purposes.
Office—818 17th St., Denver.
Underwriter—None.
•
Investment
March
16,
to
be
-v
Securities
Co.
(5/28-6/1)
1962 filed 250,000 common, of which 125,000
offered by the company and 125,000
by a
stockholder. Price—By amendment (max.
$20). Business
—A
management investment company specializing in
are
the
insurance
field. Proceeds
For debt repayment,
capital and possible expansion. Office—901
Washington Ave., St. Louis. Underwriters
Scherck,
Richter Co., and Dempsey-Tegeler & Co.,
Inc., St. Louis.
—
working
—
•
lona
Manufacturing Co.
(6/18-22)
Jan. 26, 1962 filed 140,000
common, of which 125,000 are
to be offered by the company and
15,000 shares
by
stockholder.
P
r
i
c
e—$6.
Business—Manufacture
household electric appliances and electric motors.
ceeds—For
new
San Francisco.
150,000 class A common. Price—$8.
Business—Manufactures patented traversing screens for
use as window
coverings, room dividers, folding doors,
a
of
Pro¬
products and
working capital. Office
—Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc., and Reuben Rose &
Co., Inc., N. Y.
Israel Hotels International,
Inc.
28, 1962 filed $4,036,000 of 6Vz% sinking fund de¬
due 1980-86 and 40,360 common
shjares (with
warrants) to be offered for sale in units of one $1,000
Feb.
registered
due
were
common
$2,760,000
shares
of
(with warrants). Also
6Vz% dollar debentures
1980.
Price—For units, $1,050 each; for
debentures,
Business—Company was formed to construct the
luxury hotel "Tel Aviv Hilton" at Tel Aviv, Israel. Pro¬
par.
ceeds—For
South
general
State
corporate purposes.
Office—229
St., Dover, Del. Underwriter
Corp., New York City.
—
American
Israel Basic Economy
Jaap Penraat Associates, Inc. (6/4-8)
30, 1962 filed 100,000 common. Price—$3. Business
—Industrial designing, the design of
teaching machines
and the production of teaching
programs. Proceeds—
For expansion, new facilities and
working capital. Office
—315 Central Park W., N. Y. Underwriter—R.
F. Dowd
& Co., Inc., N. Y.
Jan.
Jackson's/Byrons Enterprises Inc. (6/4-8)
13, 1962 filed $750,000 convertible subordinated
March
debentures
due
1977; also 120,000 class A common, of
shares are to be offered by the company
and 53,334 by stockholders.
Price—By amendment (max,
$12.50 for common). Business—Operation of a chain o2
which 66,666
retail department stores. Proceeds—For debt
repayment
and working capital. Office—29 N. W. 10th
St., Miami,
Fla. Underwriter—Clayton Securities
Corp., Boston.
Jamaica
Public Service Ltd.
1961 filed
Proceeds—For
etc.
rate
debt
repayment and
general
corpo¬
Office—514 W. Olympic Blvd., Los An¬
geles. Underwriter—D. E. Liederman & Co., Inc., N. Y.
purposes.
Conditioning Corp. (6/4-8)
("Reg. A") 40,000 common. Price
$3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
1962
For
inventory, equipment and other corporate
Office
954 Jamaica Ave.,
Brooklyn, N. Y.
—
writer—Martin-Warren Co., Ltd., N. Y.
—
purposes.
Under¬
Price—By amendment. Business—The operation of coin
operated children's amusement equipment. Proceeds—
For repayment of loans, equipment and general
corpo¬
rate purposes. Office—2557 W. North
Ave., Chicago. Un¬
derwriter—Paul C. Kimball & Co., Chicago. Note—This
registration
was
withdrawn. It will be refiled at
date.';.
.<.
•
a
later
i
Inc.
1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
and working capital. Office—889 Broadway, N. Y. Un¬
Nov. 21,
derwriter—Underhill
Securities
Corp., N. Y.
Blauner
Ala.
Co., and Wm. Stix Wasserman
Offering—Expected in mid-July.
&
Co.,
N.
Y.
Jerlee Products Corp.
May 1, 1962 filed 75,000 common. Price—$4.25. Business
—Processing and distribution of vinyl roll plastic fabric
and vinyl tablecloths, and various foam rubber items.
Proceeds—For
equipment, raw materials, debt repay¬
working capital. Office—596-612 Berriman St.,
Brooklyn, N. Y.
Underwriter—R. P. Raymond & Co*
ment and
Inc., 26 Broadway, N. Y.
Jiffy Steak Co.
5, 1962 filed 65,000 common. Price—By amend¬
ment.
Business—Processing,
packaging
and
sale of
frozen meat and meat products. Proceeds—For redemp¬
Feb.
of
2,910 $50 par preferred shares, expansion, and
working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs. Lestrange & Co., Pittsburgh.
Joanell
Laboratories,
Inc.
(6/11)
Dec. 21, 1961 filed 114,500 common, of which 82,500 are
to be offered by the company and 32,006lby stockhold¬
Price
By amendment. Business — Development of
simulated weapons training devices for U. S. Armed
Forces and the manufacture of electronic control equip¬
ment. Proceeds—For general corporate purposes. Office
—102 Dorsa Ave., Livingston, N. J. Underwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
ers.
—
Business—Manufacture of prefabricated homes. Proceeds
Corp.>
March 29, 1962 filed 140,000 common, of which 70,000
are to be offered by company and 70,000 by stockhold¬
ers.
Price—By
amendment
(max. $10).
Business—
Reclamation of metallics from steel slag; mining of sand
and gravel; and dismantling and salvage of industrial
buildings. Proceeds—For new plants, debt repayment
and working capital.
Office—6272 Canal Rd., Cleve¬
land.
Underwriter—Robert
L.
Ferman
&
Co., Inc.,
Miami, Fla.
Kapner, Inc. (6/18-22)
March 29, 1962 filed 50,000
ness—Mail
order
sale
of
common.
Price—$5.
merchandise.
Busi¬
Proceeds—For
equipment and working capital.
Office—1924 Washing¬
Ave., Bronx, N. Y. Underwriter—Arnold, Wilkens &
Co., Inc., N. Y.
O
ton
Kaufman Carpet
Co., Inc.
March 29,
1962 filed 250,000 common. Price—$5. Busi¬
ness—Operation of a chain of retail stores selling carpets
and rugs.
Proceeds—For expansion, inventory, debt re¬
payment and working capital. Office—1800 Boston Rd.,
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N. Y.
Kavanau
Corp. (6/11-15)
March 29, 1962 filed 50,000 shares 6% cum. preferred
and four-year common stock purchase warrants to be
offered in units consisting of one preferred and one
warrant.
Price—By amendment (max. $101 per unit).
Business—Real
estate
investment.
Proceeds—For
debt
repayment and working capital.
N.
Y.
Office—30 E. 42nd St.,
Underwriter—Hayden, Stone & Co., N. Y.
Kay Foods Corp.
29, 1961 filed 88,000
Dec.
class A
common
shares, of
which 44,000 are to be offered by the company and 44,000
by stockholders.
Price—$7. Business—Packing and sale
juice products. Proceeds—For general corporate
Office—241 N. Franklintown Rd., Baltimore.
Underwriter
Auchincloss, Parker & Redpath, Wash¬
of fruit
purposes.
—
ington, D. C. Offering—Indefinitely postponed.
*
plant. Office—1725 S. Gault Ave., Ft. Payne,
-
Kinney Service Corp. (5/28-6/1)
28, 1962 filed 262,500 common, of which 112,500
are to be offered by the
company and 150,000 by stock¬
holders. Price—By amendment (max. $12). Business—
The operation of garages and parking stations; renting
and leasing of cars; cleaning and maintaining of com¬
mercial buildings and conducting of funerals. Proceeds
—To buy additional automobiles.
Office—111 W. 50th
St., N. Y. Underwriter—Bear, Stearns & Co., N. Y.
March
•
(H.)
Kohnstamm & Co.,
Feb. 21
Inc.
(5/28-6/1)
1962 filed 160,000 common. Price
ment.
Business—Manufacture
food,
drugs
of
and cosmetics; also
general corporate
Proceeds—For
colors
By amend¬
—
flavors
and
industrial
purposes.
for
chemicals.
Office—161
Avenue of the Americas, N. Y. Underwriter
Peabody & Co., Inc.
—
Kidder,
Kollmorgan Corp.
Nov. 9, 1961 filed 100,000 common, of which 40,000 are
to be sold by the company and 60,000 by stockholders.
Price—By i amendment.
Business—Manufacture
of
op¬
tical equipment.
Proceeds—For debt repayment. Office
—347 King St., Northampton, Mass. Underwriter—Put¬
&
nam
Co., Hartford. Offering—Indefinitely postponed.
Kreedman
Realty & Construction Corp.
(6/25-29)
April
19, 1962 filed $5,000,000 of conv.
subord.
deben¬
tures due 1982 and 200,000 common shares to be offered
in units consisting of $25 of debentures and one common
share.
Price—By
amendment
(max.
$27).
Business—
Construction and operation of office buildings. Proceeds
—For
debt
repayment.
Office—9350 Wilshire
Blvd.,
Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
N. Y.
•
•
•
a new
Underwriters—The
Robinson
Humphrey Co., Inc.,
Atlanta, and J. C. Bradford & Co., Nashville.
Kaiser-Nelson
Keene
Packaging Associates
April 2, 1962 filed 165,000 common, of which 100,000
are to be offered by company and
65,000 by stockholders.
Price—$4. Business—Design and manufacture of semi¬
rigid vinyl plastic cases and containers for packaging.
Proceeds
For
debt
Kelley Realty Corp. (6/4-8)
16, 1962 filed 250,000 class A common. Price —
By amendment (max. $10). Business—Company owns
and operates apartment and office buildings. Proceeds—
For debt repayment. Office—1620 S. Elwood St., Tulsa,
Okla. Underwriters—Fulton, Reid & Co., Inc., Cleveland
and Walston & Co., Inc., N. Y. <
28,
• Kiddie
Rides, Inc.
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi¬
nated debentures due 1971 and 30,000 common to be of¬
fered in units of $1,000 debentures and 30 of common.
—For
utility. Proceeds—For acquisition bf additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Underwriters
Stone & Webster Securities Corp. and
Greenshields & Co., Inc., N. Y.
Jamoco Air
Co.,
&
Proceeds—For working capital and possible acquisitions.
Office—254 W. 35th St., N. Y. Underwriters—Seymour
repayment, working capital and
Office — 947 Newark Ave.,
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y. Offer¬
ing—Expected in late June.
Feb.
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb
New York.
Jays Creations, Inc.
March 30, 1962 filed 80,000 common. Price—$4. Business
—Design, manufacture and sale of young women's wear.
March 30, 1962 filed 215,000 common, of which
100,000
shares are to be offered by company and 115,000 shares
by stockholders. Price — By amendment (max. $25).
Business—A holding company for a Jamaican Electric
—
—For general corporate purposes. Office—912
Sycamore
Kingsberry Homes Corp. (6/4-8)
April 9, 1962 filed 140,000 shares of capital stock of
which 100,000 will be offered by company and 40,000
by stockholders. Price—By amendment (max. $17.50).
bentures
debenture and 10
18,
facture, design, and distribution of plastic toys. Proceeds
Kine Camera Co.,
(6/18-22)
Jaylis Industries, Inc.
Oct.
Price
—To
1
(6/4-8)
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
to be offered by the company and 22,000 by stockhold¬
ers. Price—By amendment.
Business—The distribution
of motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities
Co.,
tion
Corp.
'
Jayark Films Corp.
-37
other
—
corporate
purposes.
Kwik-Kold, Inc. (6/4-8)
29, 1962 ("Reg. A") 100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
holders. Price
$3. Business — Manufacture of certain
patented cooling packages. Proceeds—For debt repay¬
ment and working capital. Office—Jennings Bldg., P. O.
Box 638, Moberly, Mo.
Underwriter—John W. Flynn
& Co., Santa Barbara, Calif.
March
—
Lab-Line
Instruments, Inc.
Feb. 23, 1962 filed 142,860 common, of which 122,168 are
to be offered by the company and 20,692 by stockhold¬
ers.
Price—By amendment
(max. $9). Business—Manu¬
of industrial, hospital and
laboratory instruments. Proceeds—For debt re¬
payment, construction, and working capital. Office—
3070-82 W. Grand Ave., Chicago. Underwriter—R. W.
Pressprich & Co., N. Y. Note—This offering was tem¬
porarily postponed.
facture
of
extensive
an
line
clinical
•
Lamb
Industries, Inc.
filed $2,200,000 of s. f. subord. debentures
(with, attached warrants).
Price—At par.
Business—Manufacture of gas and electric water heaters,
plumbing fixtures, water softeners; sugar cane agricul¬
tural equipment; aluminum doors, storm windows, and
related aluminum products. Proceeds—For debt repay¬
Dec. 28, 1961
-due
1977
ment, plant expansion and working capital. Office—500
Edward Lamb Bldg., Toledo. Underwriter—Blair & Co.,
N. Y. Note—This registration was withdrawn.
•
Laminetics
Inc.
March 22, 1962 filed 80,000 common. Price—$3.50. Busi¬
ness—Production and sale of gift sets, linens, place mats,
etc.
Proceeds—For
promotion
W.
27th
equipment, moving expenses, sales
others corporate purposes. Office — 20
N. Y. Underwriter—Fabrikant Securities
and
St.,
Corp., N. Y. Offering—Expected in late July.
•
Lee
Fashions, Inc. (6/25-29)
27, 1961 filed 166,667 common. Price—By amend¬
Business—Importing of low priced ladies' scarfs
and blouses. Proceeds—For debt repayment and work¬
Dec.
ment.
•
March
Kenner
March 30,
Products Co.
(6/18-22)
1962 filed 542,000
common,
ing capital. Office—2529 Washington Blvd., Baltimore.
Underwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
and Penzell & Co., Miami Beach.
•
Lehigh Industries & Investment Corp.
(6/11-15)
Price—By
Dec. 29, 1961 filed 2,000,000 class A common.
amendment.
Business—A holding company
for
three
subsidiaries which operate
of which 205,000
are
to
ers.
Price—By amendment (max. $24). Business—Manu-r
utilities, engage in construc¬
tion, and distribute electronic parts. Proceeds—For debt
be, offered by company and 317,000 by stockhold¬
Continued
on
page
38
u
38
The Commercial and Financial Chronicle
(2474)
Continued from page 37
.
,
.
l!^&,.pt;lar)
|^
«5i.-j 1 r'. h.
ill. t
Thursday, May 24, 1962
For equipment, new products, debt
repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn, N. Y,
6% sinking fund deben¬
Underwriter—Dana Securities Co., Inc., N. Y. Offering
Price—$1,000 per debenture. Business—Design, manufacture, sale and repair of
—Expected sometime in June.
'
machinery and equipment used in agriculture. Proceeds
• Maradel
Products/ Inc. (6/4-8) • •
J
—For debt repayment, equipment and general corporate /
March 12,1962 filed 335,000 common. Price—By amend¬
purposes. Office—7th & S Sts., Gering, Neb. Underwriter
ment (max. $20).
Business—Manufacture
of
toiletries
—First Nebraska Securities Corp., Lincoln, Neb. Offer¬
and cosmetics.
Lockwood Grader Corp.
/■//■■.''''■■■/.'■■.'
Feb. 20, 1962 filed $900,000 of
tures series B, (with warrants).
repayment, construction and working capital. Office—
8uo
71st St., Miami Beach, Fla.
Underwriter—To be
named (a newly-formed subsidiary).
,
.
,
Lembo Corp.
Dec. zjl, 19bi
iiied 100,000 common.
ness—Manufactures
v
Price—$3.50. Bust*
re-inforced concrete utilities,
steel
Proceeds—For. acquisitions, debt repay¬
working capital. Office—510 Ave. of the Amer¬
icas, N. Y. Underwriter — Hornblower'& Weeks, N.Y.
ing—Temporarily postponed.
fallout shelters and play sculptures.
debt
repayment, sales promotion and
ment and
sanitary structures,
Proceeds—For
Logos Financial, Ltd.
(6/11)
Inc.
Lenox,
'
•
t
1962 filed 250,000 "capital shares. Price — By ;
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
fice—26 Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y.
April 11,
Office—145 W. 11th St., Huntington
Station, L. 1.. N. Y. Underwriter—Blank, Lieberman &
Co., Inc., N. Y. Offering—Expected sometime in July.
capital.
working
1'0
30, 1962 filed 172,500 common, of which 25,700
are
to be, offered by company and 146,800 by stock¬
holders. Price—By amendment (max. $18), Business—
• Marin
County. Financial Corp. (6/4-8)
May 2, 1962 filed. 102,050 capital shares,--of which 27,790
are to be offered by
company and 74,260 by stockhold¬
ers.
Price—By amendment (max. $18). Business—'A
holding company for a savings and loan association.
March
•
Corp.
>>
(6/11-15)
Proceeds—For
^
30, 1962 filed 63,000 common. Price—$5. Business
—Company provides optometric services and dispenses :
optical items. Proceeds—For expansion, a laboratory and
working capital. Office—130 W. 57th St., N. Y. Under¬
writers—J. R. Williston & Beane and Doft & Co., Inc.,
marketing of dinnerware and giftware.
Manufacture and
Lordhill
March
of leased plant. Office—Prince
& Meade Sts., Trenton, N. J.
Underwriter—Hemphill,
Noyes & Co., N. Y.
Proceeds—For purchase
,
N. Y.
•
(6/18-22)
Enterprises, Inc.
(Louis)
Lesser
Feb.
.
purposes.
Office—8737 Wilshire Blvd., Beverly Hills,
Calif. Underwriters—Morris Cohon & Co. and Leiber-
Co., N. Y.
Inc.
Levine's
March
19, 1962
filed
80,000 common. Price—By amend¬
Lunar Films, Inc. (5/29)
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—Foi filming and production and working capital. Office—
543 Madison Ave., N. Y. Underwriter—Fred F. Sessler
& Co., Inc., N. Y. Note—This firm formerly was named
Lunar Enterprises, Inc.
./-V:
(max. $17.50). Business — Operation of a chain of
clothing and dry goods stores. Proceeds — For selling
stockholders. Office — 8908 Ambassador Row, Dallas.
ment
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Indefinitely postponed.
Lewis
Foods, Inc.
(Tillie)
—Processing, canning, bottling and selling of fruits and
vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,
Calif. Underwriter—Van Alstyne, Noel & Co., N. Y. Of¬
fering—Expected sometime in June.
-
Liberty Records, Inc.
April 2, 1962 filed $2,000,000 of convertible subordinated
debentures due 1977; also 100,000 common. Price — By
(max. $20 per common share). Business
—
Records and distributes stereo and monaural phonograph
work¬
ing capital. Office—6920 Sunset Blvd., Los Angeles. Un¬
derwriter—Crowell, Weedon & Co., Los Angeles. Note—
This registration will be withdrawn.
Lilli Ann Corp.
March 29, 1962 filed $750,000 of conv. subord.
due 1977, also 100,000 common shares to be
debentures
offered by
stockholders. Price—By amendment. Business—Design,
manufacture and distribution of women's high fashion
suits and coats. Proceeds—Net proceeds from the debenture sale will be added to the general funds of the
portion of which may be used to retire shortterm loans. Office—2701 16th St., San Francisco. Under¬
writers—Sutro & Co., San Francisco and F. S. Smithers
& Co., New York.
company, a
Lily Lynn, Inc.
filed 150,000 common, of which 86,000 are to
be offered
by the company^ and 64,000 by the stockhold¬
Price—By amendment (max. $12). Business—Design,
manufacture and sale of women's casual dresses. Pro¬
ers.
ceeds—For debt
repayment, working capital and expan¬
Bishins
sion.
Office—Herman
New
Bedford, Mass. Underwriter
L.
Bldg^ Riverside Ave.,
—
J.
R. Williston &
Beane, N. Y. Offering—Temporarily postponed.
Lincoln Fund, Inc.
March 30, 1961 filed 951,799
■
shares of common stock.
plus a 7% selling commission.
Business—A
non-diversified,
open-end, managementtype investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
derived from the sale of put and call options. Proceeds—
For investment. Office—300 Main St., New Britain, Conn.
Distributor—Horizon Management Corp., N. Y.
Price—Net
Little
asset
value
Ruffy Togs, Inc.
Nov. 29, 1961 filed 165,000 common. Price—By amend¬
ment. Business — Manufacture and sale of children's
clothing. Proceeds — For debt repayment and working
capital. Office—112 W. 34th St., N. Y. UnderwritersGlass & Ross, Inc. and Samson, Graber & Co., Inc., N Y.
Offering—Imminent.
Livestock Financial Corp.
(6/4-8)
f
Feb
23, 1962 filed 245,000 common. Price—$10. Business
—An insurance holding company whose subsidiaries in¬
sure the lives of all types of animals. Proceeds—To form
new subsidiaries. Office—26 Piatt St., N. Y. Underwriter
—Shearson, Hammill & Co., N .Y.
>
.
:
(5/28-6/1)
28, 1962 filed 60,000 common (with attached one- ,
year class A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to pur¬
chase 60,000 shares at $4.50 per share) to be offered in
units (each consisting of one share, one class A warrant'
and one class B warrant). Price—$4 per unit. Business
—Production of educational and recreational devices and
games. Proceeds—For general corporate purposes.
—130 E. 40th St., N. Y. Underwriter—Darius Inc.,
Fidelity
—
Securities
Corp.,
Atlanta.
Offering-
July.
•
Marks
Poralczed
Corp. (6/4-8)
filed 95,000 common shares.
Price—By
Business—^Conducts research and develop¬
ment in electronics, optics,
electro-optics, quantum elec¬
tronics, etc. Proceeds — For expansion, acquisition of
June
27,
1961
amendment.
facilities- and
new
153-16
Tenth
other
corporate
purposes. /
Office—
Ave.,
Whitestone, N. Y. UnderwritersRoss, Lyon & Co.," Inc. (mgr.), Glass & Ross, Inc., and
Globus, Inc., N. Y. C.
Martin
to
be
• Masco
Corp. (6/11-15)
May 7, 1962 filed 180,000 common. Price—By amend¬
ment (max. $35).
Business—Production of valves and
fittings for plumbing industry, component parts for the
automotive
Rd.,
Co.,
a
one
be
•
Office
Underwriter—Globus,
Inc., N. Y.
commercial
products.
equipment,
and
April 5, 1962 filed 200,000 common, of which 100,000 are
to be sold by company and 100,000 by stockholders. Price
—By amendment (max. $15). Business—Operation of
self-service discount department stores. Proceeds — For
debt repayment
and working capital. Office—106 Main,
St., Brockton, Mass. Underwriter—McDonnell & Co.,
New York. Offering—Expected in late June.
Industries, Inc. (6/4-8)
"
Feb. 27, 1962 filed 303,900 common, of which 220,000 are
to be offered by the company and 83,000 by stockhold¬
ers.
Price—By amendment (max. $20). Business—De¬
sign and manufacture of specialized photo-electric color
•
ijnachines and geo-physical exploration devices,
For debt repayment,
own
Manhattan
acquisition of 90,000
stock, and working capital. Office—800
Alto, Calif. Underwriter—Dominick &
,
Drug Co., Inc.
March 29, 1962 filed 72,000 common, of Which 58,000 are
to be offered by company and 14,000 by stockholders.
Price—$3,50.
Business—Manufacture,
packaging- and
sale ot various proprietary drug products. Proceeds—
and
Proceeds
other
—
industrial floor mainte¬
For
repayment
corporate
purposes.
of
debt,
Office—76
St., Boston. Underwriter—Chace, Whiteside, &
Winslow, Inc., Boston.
/,
>
t
Mattel, Inc.
April 4, 1962 filed 275,000 common.. Price—By amend¬
ment (max. $45). Business —
Design/ manufacture and
sale of quality toys. Proceeds—For
selling stockholders.
Office—5150 Rosencrans Ave., Hawthorne, Calif. Under¬
writer—Smith, Barney & Co., N. Y. Offering—Postponed.
Medical Industries
Fund, Inc.
Oct. 23, 1961 filed 25,000 common. * Price—$10.
—A closed-end investment company
which
become
open-end.
>
Proceeds—For
Business
plans
investment
in
\
to
the
medical
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver.
<
/
■■"/
—677
Medical Video Corp.
Nov.
13, 1961 filed 250,000
/
,
.
Price—$10. Busi¬
equipment.
Proceeds—For general corporate
purposes.
O f f i c e—
Studio City, Calif. Underwriter—Financial
Equity Corp.,
ness—Manufacture
Mammoth Mart Inc.
—
;
Masury-Young Co. (6/11-15) '
4, 1961 filed 100,000 common, frice—$6. Business-
Manufactures
Proceeds—For general corporate purposes.
shares of its
&
separately. Price—For debentures, at par;
$10. Business—Operation of discount de¬
partment stores selling a wide variety of merchandise.
Proceeds—For- expansion.. Office—135-21
38th .Ave.,
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
and Norton, Fox & Co.; Inc., N. Y; Offering—Jn June.
Dec.
Assembly Service, Inc.
April 27, 1962 filed 100,000 common. Price—$2.25., Busi¬
ness—Assembling of packages for shipment to post of¬
Proceeds
Barney
•
common,
Office
Magnetics Research Co. Inc.
April 30, 1962 filed 100.000 common, Price—$3. Business
—Design and marketing of magnetic memory units.
Company also plans to market transistor logic units and
subsystems for use in computers, business machines and,
data handling systems. Proceeds—Expansion of sales and
engineering, new product development and equipment.
Office—179 Westmoreland Ave., White Plains, N. Y. Un¬
derwriter—T. W. Lewis & Co., Inc., N. Y.
sorting
"
offered
for
Roland
Mandrel
-
70,000
stockholder. The securities will be offered in units
$100 debenture and 10 common shares, except
that up to $700,000 of debentures and 70,000 shares
may
by
of
massaging a person in bed. Proceeds — For general cor¬
porate purposes. Office—Route 17, Rochelle Park, N. J.
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
Americas, N. Y.
Underwriter—Smith,
:x
March 22, 1962 filed $1,500,000 of 6% conv. subord. de¬
bentures
due
1972; also 150,000 common shares, _of
which 80,000 will be offered by the company and
nance
—145 Ave. "of the
Pro¬
Dearborn, Mich.
New York;;
-
N. Y.
Magic Fingers, Inc.
fices.
industry, and plastic and metal toys.
ceeds—For selling "stockholders. Office—12825 Ford
Dec. 29, 1961 filed 75,000 common. Price—$4. Business
—Production of a new electrically powered device for
Dominick, N. Y.
ment, steel inventories nad plant expansion. Office—
3006 Boarman Ave,, Baltimore. Underwriter—R & D
Investors Corp., Port Washington, N. Y.
—First
Masters, Inc.
;
Magellan Sounds Corp.
(6/4-8)
:
Feb.
11, 1962 ("Reg. A") 85,000 common. Price — $3.50
Business—Manufacture of furniture hardware for sale
to furniture manufacturers. Proceeds—For debt repay¬
Lockfast Mfg. Co.
Jan.
'
Co., Inc. (6/11-15)
1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribution of costume jewelry, ladies' handbags,; and accesso¬
ries. Proceeds — For working capital. Office — 1650
Broadway, Kansas City,,1 Mo. Underwriter—George K.
Baunl & Co., Kansas City .
Welch Rd., Palo
•
Proceeds
Underwriter—Johnson, Lane, Space Corp., Atlanta.
Mac-Allan
Mail
v
Price—$20 per unit. Business—Operation of a
For construction, equipment and
working capital. —Address—Cummings, Ga. Underwriter
marina.
•
provements and working capital. Office—33 Court St.,
Auburn, Maine. Underwriter—P. W. Brooks & Co., N. Y.
Feb. 23,1962
•;
(L. P.) Maintenance Corp. (6/15)
~
23, 1962 filed 100,000 common, of which 20,000
offered
29, 1961 filed 100,000 common. Price—$6. Business
by company and 80,000 by a stock¬
—Processing and packaging of frozen foods and the can- > holder. Price—$5.; Business—Cleaning and maintenance
ning and bottling of fruits and vegetables. Proceeds— * of buildings and the sale of janitorial supplies, and
For debt repayment and working capital. Office—48
equipment. Proceeds—For debt• repayment and work¬
High St., Brockport, N. Y. U nderwriter—None.
ing capital. Office—840; DeKalb Ave.,' N. E., Atlanta.
Magazines For Industry, Inc. (5/28-6/1)
Aug. 2, 1961 filed 100,000 common, of which 80,000 will
be offered by the company and 20,000 by stockholders.
Price—$5. Business—The publishing of business periodicals. Proceeds—For promotion, a new publication and
working capital. Office—660 Madisori Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y.
Inc.
records and albums. Proceeds—For expansion and
-.•
are
Feb. 23,
amendment
/ .'v;:
..
Marine Development Corp.
March 30, 1962 ("Reg. A.") 15,000 units
consisting of one
share of 8% cumulative preferred and two shares of
Dec.
(6/11-15)
March 14, 1962 filed $1,000,000 of 6^% first mortgage
bonds due 1977 and 200,000 common to be offered in
units consisting of a $500 bond and 100 shares. Price—
$500 per unit. Business—Conducting commercial parimutuel harness racing meets in Lewiston and Gorham,
Maine. Proceeds — For debt repayment, property im¬
Raceways,
at
Ave.
March
Lustig Food Industries, Inc.
April 9, 1962 filed $4,000,000 of 5Yz% convertible sub¬
ordinated debentures due 1977. Price—At par. Business
Lewiston-Gorham
Office—990'Fifth
Underwriter—Dean Witter '&
common.
Lucks, Inc.
28, 1962 filed 282,496 common, of which 142,500
are to be offered by the company and 139,996 by stockholders. Price—By amendment (max. $5). .Business—
Canning and marketing of vegetables and meats. Pro- ;
ceeds—For expansion and debt repayment. Address—
Seagrove, N. C. Underwriter—J. C. Wheat & Co., Rich¬
mond, Va. Offering—Expected sometime in June.
30, 1962 filed 1,000,000 class A common. Price—
$10. Business—Real estate management and construction.
Proceeds—For debt repayment and general corporate
March
baum &
investment.
Court, San Rafael, Calif.
Co.,■ San Francisco:'•
of
common.
medical
electronic
Los Angeles.
Memorial Services, Inc.
April 30, 1962 filed 1,200,000 common. Price—$1. Busi¬
ness—Company plans to acquire and operate funeral
homes.
Proceeds—For acquisitions, debt
repayment and
working; capital.
Office—315 E. Sixth Ave., Helena,
Mont. Underwriter—Memorial Securities, Inc., Helena.
Merco Enterprises, Inc.
April 20, 1962 filed 104,000 common, of which 33,000 are
to be offered by company and 71,000 by stockholders.
Price—By amendment (max. $7.50). Business—Sale of
phonograph records through leased record departments.
Proceeds—For moving expenses, working capital and
general corporate; purposes. Office—1692 Utica Ave.
Brooklyn, N. Y. Underwriter—D. J. Singer & Co., N. Y.'
Mercury Books, Inc. (6/4*8)
55,000 common. Price—$4.50. Busi¬
ness—Publishing of newly written popular biographies.
Proceeds—For working
capital.
Office—1512 Walnut
St., Philadelphia. Underwriter—Meade & Co., N. Y
Feb. 14, 1962 filed
Volume
195
Number
6162
.
.
and Financial Chronicle
The Commercial
.
(2475)
^ Merrimac Research & Development, Inc.
grades.
May
velopment and
14, 1962 ("Reg. A") 15,000 common.
Price—$4.
Business—Design,
development
and
manufacture
of
microwave components used in radar, missile and air¬
control
craft
ital
and
systems, etc.
other
corporate
Ave.? lrvington, N. J.
Proceeds—For working
Office—517
purposes.
cap¬
;
Met Food
Corp. (5/28-31)
March 30, 1962 filed $1,500,000 of convertible subordi¬
nated debentures due 1977 to be offered by company
and 34,200 common by stockholders. Price—By amend¬
ment (max. $10). Business—Distribution of food and re¬
lated products to supermarkets and other retail stores in
Morse Electro Products Corp.
/
.•
.
■
,
..
■
■■
•
(6/11-15)
Corp.
13, 1962 filed 200,000
Microdot Inc.
filed 260,000 common. Price—By amend¬
(max. $20). Business—Manufacture of safes, bank
vaults, security systems and office equipment. Proceeds
—For selling stockholders. Office—320 Park
Ave., N. Y.
pi
common.
Underwriter—Blyth & Co., Inc., N. Y.
and
Mott's
permarkets.
systems
in
used
Proceeds—For debt repayment, equipment,
and working capital. Office—59 Leggett St., East Hart¬
ford, Conn. Underwriter—D. H. Blair & Co., Inc., N. Y.
1
Mountain
States Telephone
"
& Telegraph Co.
May 10, 1962 filed $50,000,000 of debentures due June 1,
Proceeds—To repay advances from A. T. & T., com¬
2002.
pany's
parent.
Office—931 14th St., Denver.
Under¬
writers—(Competitive). Probable bidders: Halsey, Stu¬
art & Co. Inc.; Morgan Stanley & Co.; First Boston Co.
Bids—June 5 (11 a.m. EDST) in Room 2315, 195 Broad¬
way,:^. Y.
\:V ;>.W
wi*
.
<•;;?
April 2, 1962 filed 225,000 common to be offered for
'subscription by stockholders on the basis of onefhew
Multi State Industries, Inc. (6/4-8)
April 6, 1962 ("Reg. A") 80,000 common.v Price—$3. '•
Business—Design, fabrication and marketing of plastic
toys, games and novelties.
Proceeds—For equipment,
working capital and other corporate purposes. Office—
homa
275
'
City. Underwriter—None.
Midwest Technical
*
-
.
;
Development Corp.
Feb. 26, 1962 filed 561.500 common to be offered* for
subscription by stockholders on the basis of one^hare
for each two shares held. Price—By amendment
(max.
$7). Business — A closed-end management investment
Proceeds
company.
Office
—
"2615
Midwestern
Feb. 26,
general
National
Underwriter—None.
1
For
—
First
corporate
Bank
•
(6/4-8)
-
1962 filed 500,000 shares of beneficial interests.
Business — A real estate investment com¬
Price—$10.
Proceeds—For investment and operating expenses.
Office—'1630 Welton St., Denver. Underwriter—Boettcher & Co., Denver. '
pany.
Corp.
^
<'■
->.?: i\.
May 2, 1962 ("Reg. A") 75,000 common, of which 64,200
be sold by company and 10,800 by stockholders.
Price—$4.
Business—Company writes, prepares and
•prints technical manuals for armed forces and industry.
Co., Inc., 618 S. Spring St., Los Angeles.
St., N. Y. Underwriters
& Stern, N. Y.
—
H. Hentz & Co. and Herzfeld
\
'
C'/.-s
Miracle
Mart,
1962 filed 295,000 common, of which 140,000
by company and 155,000 by stockhold¬
ers. Price—By amendment (max. $14).
Business—Opera¬
tion of self-service discount department stores. Proceeds
—For debt repayment, expansion and working capital.
St., N. Y.
Underwriters—McDonnell
Co., N. Y.
Missile
Nov.
Valve
24, 1961
•Business
valve.
—>
Corp.
("Reg. A")
Production
and
300,000
and
sale
common.
of
new
Price
—
$1.
type butterfly
purchase of the patent and pro¬
development of the valve.
Office — 5909
Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
& Co., Phoenix, Ariz.
;
.
Molecular Dielectrics,
Sept.
Inc.
filed 150,000 common, of which 135,000
are to be offered by the company and
15,000 by Cardia
Co. Price—$5. Business—The manufacture of high-tem¬
1,
1961
electronic and electrical insulation materials.
Proceeds—For equipment, a new product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
perature
writers—To be named.
Molecular
Systems Corp. (5/29)
Dec. 12, 1961 filed 140,000 common. Price—$3. Business
—Production
of
polyethylene
materials
of
varying
The
Sponsor—Ira Haupt & Co., Ill Broadway,
/
r
common.
^
/
Price—$5.
Proceeds
National Car Rental
System Inc.
19, 1962 filed 2,000,000 common to be offered for
subscription by stockholders; unsubscribed shares will
be offered to the public. Price—$1. Business—Rental of
March
vehicles
and
related
Office—1000
activities.
Milner
Proceeds—For
expan¬
Bldg., Jackson, Miss. Under¬
National
Business—Compilation and publication of regional classi¬
fied telephone directories. Proceeds—For general cor¬
porate purposes. Office—3306 Lancaster Ave., Philadel¬
phia. Underwriters—William, David & Motti, Inc. and
Crichton, Cherashore & Co., Inc., N. Y.
National
Equipment & Plastics Corp. (6/18-22)
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
.—Operation of a cleaning and pressing plant and affili¬
ated
stores.
Proceeds—For
debt
repayment, store
ex¬
pansion and working capital. Address — Portage,
Underwriter—Cortlandt Investing Corp., N. Y.
Pa.
•
National
Family Insurance Co. (6/4-8)
26, 1961 filed 200,000 common. Price—$5. Business
—Writing of automobile insurance. Proceeds—For addi¬
tional capital and reserves. Office—2147
University Ave.,
St. Paul, Minn. Underwriter—None.
Dec.
•
National
Security Life Insurance Co. (6/18-22)
1962 filed 100,000 common, of which 80,000
offered by company and 20,000 by stock¬
holders. Price—$17.50. Business—A life, accident and
health insurance company. Proceeds—For investment.
Office
—
130 Alvarado, N.
E. Albuquerque, N. M.
March
23,
to
be
are
Underwriter—To
be
named.
Commerce St.,
Co., Inc. (6/8)
("Reg. A") 50,000 common. Price—$6.
Business—Design, development and manufacture of pre¬
28, 1962
pharmaceuticals
expansion, equip¬
ment, research, and working capital. Office—1130 Som¬
erset
St., New Brunswick, N. J.
Underwriter—John
Schuss & Co., N. Y.
New Campbell Island Mines Ltd.
Oct. 13, 1961 filed 475,000
common, of which 400,000 are
to be offered by the
company and 75,000 by a stock¬
holder.
Price—50c.
Business—Exploration,
develop¬
ment and
mining. Proceeds—General corporate purposes.
Office—90 Industry St.,
Toronto, Canada. Underwriter—
A. C. MacPherson &
Co., Toronto.
• New
England Electric System (5/29)
April 12, 1962 filed 872,786 common shares to be offered
for subscription by common
stockholders on the basis
one
share for
new
each 15 held of record about
May
rights to expire June 14. Price—By amendment
(max. $27). Proceeds — For loans to subsidiaries and
29 with
other corporate purposes. Office—441
Underwriters—(Competitive).
Co.-Lehman
Carl
M.
Brothers-Bear,
Stuart St., Boston.
Probable bidders: Blyth &
Stearns & Co.
(jointly);
Loeb, Rhoades & Co.-Ladenburg, Thalmann &
& Co.
(jointly); Merrill Lynch, Pierce,
Co.-Wertheim
&
Smith
Inc.-Kidder, Peabody & Co.-White,
(jointly). Bids—May 29 (11 a.m. EDST) at
company's office. Information Meeting —
May 23
(10:30 a.m. EDST) at Irving Trust Co., (47th
floor), One
Wall St., N. Y.
Weld & Co.
the
New Hope Academy of the
Arts, Inc. (6/18-22)
Jan. 17, 1962 filed
150,000 common. Price—$10. Business
—Operation of a school of performing arts for children
corporate pur¬
Office—152
poses.
Whitemarsh Rd., Philadelphia. Un¬
derwriter—Mayo & Co., Philadelphia.
New Plan Realty
Corp.
Jam 24, 1962 filed 150,000 class A shares.
Price—$11.
Business—A real estate
management company.
—For
debt,repayment,
corporate purposes.
New World
Proceeds
working
capital, and .general
Office—369 Lexington
Ave., N. Y.
*
-
Laboratories, Inc.
13, 1961 ("Reg. A") 100,000 common. Price
Business—Manufacture of cosmetics and hair
tions.
Proceeds—For
—
$3."
prepara¬
debt
repayment
and
general
cor¬
porate purposes. Office—1610 14th
St., N. W., Washing¬
ton, D. C. Underwriter—T. J. McDonald &
Co., Inc..
Washington, D. C. Offering—Imminent.
•
New
York
..y
*
.
,,VZ
Testing Laboratories,
Inc. (6/11-15)
Price—$5. Business—
Analyzing and testing of electronic, chemical and other
materials. Proceeds—For plant
relocation, equipment,
and working capital. Office—47
West St., N. Y. Under¬
writer—Robbins, Clark & Co., Inc., N. Y.
•
Nopco Chemical Co. (7/2-6)
May 4, 1962 filed $5,800,000 of conv. subord. debentures
Jan. 29, 1962 filed 50,000 common.
due
1987
to
stockholders
20
shares
chemical
be
on
offered
for
subscription by common
the basis of $100 of debentures for each
held.
Business—Manufacture
specialties{
mainly
organic
urethane foam plastics. Proceeds—For
and construction. Office—60 Park
of
in
industrial
nature,
and
debt repayment
Place, Newark, N. J.
Directories, Inc.
March 29, 1962 ("Reg. A") 100,000 common. Price—$2.75.
•
Proceeds—For
duction
—
(Queens), N. Y. Underwriter—Harrison Securities, Inc.,
April 20,
are to be offered
&
Business
writer—None.
Inc.
Office—370 W. 35th
supplied by amendment.
New York.
.
11
—
New Brunswick Scientific
March
Nov.
To be
—
Office
Newark, N. J. Underwriter—Jennings, Mandel & Longstreth, Philadelphia. Offering:—Sometime in June.
Underwriter—None.
sion.
-Y" /
*
sition and working capital.
Price
—For expansion of warehouse space, equipment and in¬
ventories. Office—224-09 Linden Blvd., Cambria
Heights,
Minkus
department stores, and the pub¬
lishing of stamp albums and catalogues. Proceeds—For
expansion and working capital.
Office—116 W. 32nd
100,000 capital shares (with attached
warrants). Price—By amendment. Business—The
oper¬
bowling centers. Proceeds—For a realty acqui¬
and young adults. Proceeds—For
general
Business—Disrtibution of phonograph records.
-
•and coin departments in
(6/4-8)
it National Bag-O-Tunes, Inc.
May 11, 1962 ("Reg. A") 50,000
Proceeds—For debt repayment and expansion. Office—
7th Ave., Renton, Wash/ Underwriter—Cruttenden
Bowling Corp.
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
investment.
:620
Stamp & Publishing Co., Inc.
April 27, 1962 filed 150,000 common. Price—By amend¬
ment (mak. $6).
Business—Operation of leased stamp
Multronics, Inc.
Under¬
Co., Inc., N, Y.
N. Y. C.
.will
&
&
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
Mihnanco
!
Railroad. Ave., Newark, N. J.
Scott
and the furnishing of consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W.,
Washington, D. C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md.
purposes.
:
Mortgage Investors
Jersey
Jan. 5, 1962 ("Reg. A") 100,000 capital shares. Price—$3.
Business—Production of electronic parts and components
Bldg., Minneapolis.
^
-
New
writer—G. K.
-
Inc.
ation of
Fenner
1, 1962. Price—
$6. Business—Oil and gas production and development.
Proceeds—For expansion, preferred stock redemption
and working capital. Office—14 North
Robinson, Okla¬
share for each four held of record June
Dan-
Oct. 19, 1961 filed
of
(6/5)
missiles^&nd
Mid-America Minerals. Inc.
"
Super Markets, Inc.
filed 75,000 common. Price—By amend¬
(max. $8). Business—Operation of a chain of su¬
ment
satellites, radar and communications systems. Proceeds
debt repayment and working capital.
Office—
220 Pasadena Ave., South Pasadena, Calif.
Underwater
—White, Weld & Co., N.--Y.
<
'
v
March 29, 1962
.«—For
-.
>
Bldg.,
Corp., N. Y. C.
Minneapolis (mgr.).
cision apparatus used in production of
and other chemicals. Proceeds — For
(6/4-8)
ment
(6/28-)
instruments
& Co..
■
March 23, 1962
April 30, 1962 filed 170,000 capital shares, of which.vX§6,000 will be offered by company and 14,000 by
,s|ockholders. Price—By amendment (max.-$20). Business—
Design, development, manufacture and sale of compo¬
nents,
•
Mosler Safe Co.
■
Price—$3.50. "Busi¬
ness—Manufacture, sale and operation of vending ma¬
chines.-Proceeds—For debt repayment, inventorieftand
general corporate purposes. Office—6425 Oxford
St.
Louis Park, Minn. Underwriter—Irving J. Rice &/Co.,
Inc., St; Paul.
,v
•
Mass. Underwriter—Dean Witter
Hopwood,
Tele-Systems,
Nationwide
»
Stores, Inc. (8/1)
*
;V ?
•
16, 1962 filed 517,122 common, of which 175,000
are
to be offered* by company and 342,122 by stock¬
,
holders. Price—By amendment (max. $18). Business—
v.'. Retail sale of
popular priced shoes. Proceeds—For debt
repayment and working capital. Office—558 Pleasant St.,
Bedford,
&
Proceeds—For inventory, debt
repayment and
working capital. Office—718 Atlantic Ave.,
Brooklyn,
N. Y. Underwriter—Ezra Kureen &
Co.,, N. Y.
Morton's Shoe
N. Y.
Jaffray
National
—
New
Piper,
systems.
March
4
Feb.
(6/18-22)
writer—Standard Securities Corp., N. Y.
t
,
•
debentures due
vacuum
cleaners. Proceeds
For expansion and'
working capital. Office—122 W. 26th St., N. Y. Under-
Price
Feb. 27, 1962 filed 82,000
common, of which 65,000 are
to be offered by
company and 17,000 by stockholders.
Price—$3. Business—Manufacture of closed circuit TV
1961 filed $1,250,000 of 6convertible sub¬
and
:
Metropolitan Realty Trust (6/11-15)
Dec. 20, 1961 filed 1,000,000 shares of beneficial interest.
Price—$6.50. Business—A real estate investment trust.
Proceeds—For general corporate purposes. Office—1700
K St., N. W., Washington, D. C. Underwriter—Eisele &
King, Libaire, Stout & Co., N. Y..
:
V
Micro-Dine
and
March, 1977. Price — At par.
Business—Operates retail stores selling sewing machines
.
•
29,
ordinated
Octr 2, 1961 filed $300,000 of 6%
,
corporate purposes. Office—Mallory Plaza
bury, Conn. Underwriters—Lee Higginson
& Central Ave., Baltimore.
Underwriters—
Co., and Morris Cohon & Co., N. Y. Offering—
Expected sometime in late July,
Dec.
stock.
Business—The design,
—
Street &
Metropolitan area. Proceeds—For general
corporate purposes. Office—345 Underhill Blvd., Syosset.
N. Y. Underwriter—Brand, Grumet & Siegel, Inc., N. Y.
(6/18-22)
capital
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds
For new
equipment, plant expansion, working capital, and other
St.
Bank
the New York
named.,
—To be supplied by amendment.
Montebello Liquors, Inc.
April 5, 1962 filed 160,000 common. Price—By amend¬
ment (max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and working capital. Office—
'
Metropolitan Acceptance Corp. ,r
subordinated convertibles due 1967 and 60,000 common shares to be offered
in units consisting of $100 of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬
tail sales. Proceeds—For working capital. Office—5422
Western Ave., Chevy Chase, Md. .Underwriter—To be
•
National Semiconductor
Corp.
May 11, 1961 filed 75,000 shares of
Blvd., Palisades Park, N. J. Underwriters—Stone, Ackerman & Co., inc., (mgr.) and Heritage
Equity Corp., N. Y.
Lyons
Underwriter—None.
Proceeds — For equipment, research and de¬
working capital. Office — 420 Bergen
39
Underwriter—White, Weld
& Co., Inc., N. Y.
Nordon Corp., Ltd.
March 29, 1962 filed 375,000
capital
shares, of
which
275,000 by
$6).
Busi¬
100,000 are to be offered by company and
stockholders.
Price—By amendment (max.
ness—Acquisition
gas
properties.
and
development
Proceeds—For
of
oil
drilling
and
natural
expenses
and
working capital. Office — 5455 Wilshire
Blvd., Los An¬
geles.
Underwriter—Gregory-Massari,
Inc.,
Beverly
Hills, Calif.
Norda
Essential Oil & Chemical
Co., Inc.
(6/25-29)
^
March 20, 1962 filed 200,000 class A
shares. Price—By
amendment (max. $15).
Business—Manufacture, process¬
ing and distribution
of
natural
and synthetic essential
to food and drug industries.
Proceeds
repayment, working capital and
other corporate purposes. Office—601
W. 26th St. N. Y.
Underwriter—S. D. Fuller & Co., N. Y.
oils, flavor,
—
essences, etc.,
For debt
Nortex Oil & Gas Corp.
April 27,
bentures
1962 filed $5,000,000 of 6%
due
1977.
conv.
Price—By amendment.
Production of crude oil and natural
gas.
-
•
*
subord
de¬
Business—
Proceeds—For
Continued
on
page 40
40
The Commercial and Financial Chronicle
(2476)
Note—This company was
39
Continued from page
formerly named Westates Land
Development Corp. Offering—Expected in May.
working capital and other corporate
Office—1900 Life Bldg., Dallas. Underwriter—
Co., N. Y.
repayment,
debt
purposes.
Carreau &
States
Northern
Co.
Power
(Competi¬
Mer¬
Peabody & Co.-White, Weld & Co. (jointly); First Boston
Corp.-Blyth & Co., Inc. (jointly). Bids—Expected June
Fifth
Minneapolis.
Street,
Underwriters
—
tive). Probable bidders: Halsey, Stuart & Co. Inc.;
rill Lynch, Pierce, Fenner & Smith, Inc.; Kidder,
held.
Superettes,
Inc.
April 23, 1962 ("Reg. A") 75,000 common.
Price—$4,
Business—Operation of superettes.
Proceeds—For ex¬
pansion and working capital. Office—10 Merrick Lane,
Northampton, Mass. Underwriter — Walker, Wachtel &
Co., Inc., Boston.
Nuclear
Data, Inc.
March 28,
1962 filed 170,000 common, of which 30,000
are
to be offered by company and 140,000 by stock¬
holders. Price—By amendment (max. $12).
Business—
Design, development and assembly of instruments for
detection, measurement and analysis of nuclear radia¬
tion.
Proceeds—For working capital.
Office—3833 W.
Beltline Highway, Madison, Wis. Underwriter—McCormick & Co., Chicago.
Nuclear
Science & Engineering Corp.
March 29,
1962 filed 100,000 common. Price—By amend¬
ment (max. $15). Business—Research and development
on
contracts using radioactive tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
services.
Proceeds—For
equipment,
debt
repay¬
ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston, Lemon &
Nuveen
Olympic
Nuveen
Tax-Exempt Bond Fund,
Series 4
of units representing
fractional interests in the Fund. Price—By amendment.
Business—The Fund will invest in interest-bearing obli¬
1961
filed
$15,000,000
gations of states, counties, and municipalities of the U. S.,
and political subdivisions thereof which are believed
to be exempted from Federal income taxes. Proceeds—
For
investment.
Office—Chicago,
Nuveen & Co., 135 So. La Salle St.,
Oceana
March
International, Inc.
1962 filed 150,000
111. Sponsor—John
Chicago.
(6/4-8)
common.
Price—$5.50.
Business—Manufacture and sale of synthetic pearl but¬
29,
Proceeds—For
equipment and working capital.
Halsey St., Brooklyn, N. Y. Underwriter—
Baruch Brothers & Co., Inc., N. Y.
tons.
Office—1331
Optech, Inc.
26, 1961 filed 160,000 common. Price—$3. Business
Dec.
—Research, development and fabrication of materials
used in optical electronics. Proceeds—For equipment
and working capital. Office—246 Main
St., Chatham,
N. J. Underwriters—Stone, Ackerman & Co., Inc., and
Heritage Equity Corp., N. Y. Offering—In July.
Orion
Electronics
Corp.
(6/11-15)
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
manufacture of precision electronic sub-sys¬
ness—The
for
the
generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, equipment and working capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co.,
Inc., N. Y. C.
tems
Orr (J. Herbert)
Enterprises, Inc.
May 1, 1962 filed 285,000 common. Price—$10.50. Busi¬
ness—Company's subsidiaries manufacture cartridge tape
recorders and programs therefor and men's and boys'
dress trousers.
Proceeds—For debt repayment, adver¬
,
tising
and
working
capital.
Address—Opelika,
Ala.
Underwriter—None.
H.
Underwriter—None.
■
-
Outlet
Mining Co., Inc.
Feb. 28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None. I
Pacific
States
Steel Corp.
filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
June 21, 1961
Angeles.
Los
Underwriter—Kidder,
Palmetto State Life Insurance Co.
28,. 1962 filed
amendment
(max.
100,000 capital shares. Price—By
$19).
Business—Writing
of
life,
health, accident and hospitalization insurance. Proceeds
working capital. Office—1310 Lady St., Columbia,
S. C. Underwriter—R. S. Dickson & Co., Charlotte, N. C.
Pal-Playwell Inc.
28, 1961 filed 100,000 common. Price—$4. Business
—Design, assembly and manufacture of toys. Proceeds—
For debt repayment and working capital. Office—179-30
93rd Ave., Jamaica, N. Y. Underwriter—Tyche Securi¬
ties, Inc., N. Y.
American
Beryllium Corp.
1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
Feb. 28,
Proceeds
For debt
—
repayment, equipment, and other
corporate purposes. Office-—39 Broadway, N. Y. Under¬
writer—To be named.
Realty & Development Corp.
Price—$10.
holding and development com¬
Proceeds—For general corporate purposes. Office
pany.
—70
N.
real
Main
Underhill
payment of income taxes and loans and
Offering—Temporarily postponed.
•
Penn
Square Corp. (6/11-15)
March 30, 1962 filed 60,000 class A
common. Price—$4.
Business—Company plans to provide management and
financial consulting services to various businesses. Pro¬
ceeds—For equipment, salaries, advertising and working
estate
St., Freeport, L. I., N. Y. Underwriter—
Corp., N. Y.
Securities
Pa pert,
Koenig, Lois, Inc.
1962 filed 100,000 class A shares. Price—By
(max. $8). Business—An advertising agency.
Proceeds—For selling stockholders.
Office—9 Rocke¬
feller Plaza, N. Y. Underwriters—Andresen & Co. and
Oppenheimer & Co., N, Y.
May 10,
amendment
•
Paragon Pre-Cut Homes, Inc.
Aug. 25, 1961 filed 112,500 common. Price—By amend¬
ment. Business—Sale of pre-cut (finished) homes. Pro¬
ceeds—For working capital. .Office—499 Jericho Turn¬
pike, Mineola, N. Y. Underwriter—A. L. Stamm & Co.,
N. Y. Offering—Postponed.
Parkview Drugs,
Inc.
April 30, 1962 filed $2,000,000 of conv. subord. deben¬
tures due 1977. Price—At par.
Business—Operation of
drug stores and licensed departments in membership de¬
partment stores. Proceeds—For expansion, debt repay¬
ment, redemption of preference stock and other corpo¬
rate purposes.
Office—2323 Grand Ave., Kansas City,
Mo. Underwriter—Scherck, Richter Co., St. Louis.
Proceeds—For
investment.
Office—60
Underwriter—Sackville-Pickard
debt' repayment and acquisition and
Address — 2220 Philadelphia Saving
Bldg., Philadelphia. Underwriters—Stroud & Co.,
working
Fund
For
—
capital.
Umminent.
Penta Laboratories, Inc.
April 23, 1962 filed 85,920 common.
Price—By amend¬
(max. $4.25). Business—Development, manufac¬
marketing of electron vacuum tubes. Proceeds
—For selling stockholders.
Office—312
N. Nopal St.,
Santa Barbara, Calif.
Underwriter—Francis J. Mitchell
& Co., Newport Beach, Calif.
ment
ture and
Perfect
Photo, Inc. (6/4-8)
14, 1962 filed 154,800 common.
Feb.
ment
(max. $20).
Price—By amend¬
Business—Photofinishing and the dis¬
Philadelphia.
St.,
Underwriter—Bear,
ir Permeator Corp.
May 18, 1962 filed 300,000
Underwriters—Kiser, Cohn
Cruttenden, Podesta &
offered
for
eral corporate purposes.
Office—445 Park Ave., N. Y.
Underwriters—Irving Weis & Co., and Godfrey, Hamil¬
ton, Taylor & Co., Inc., N. Y.
" "
-;t „y>. •
(
Perpetual Investment Trust
9, 1961 filed 500,000 shares of beneficial interest.
Price—(For the first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission.
Nov.
Business—A real estate investment trust.
investment.
Office—1613
Eye
D. C.
Underwriter—Sidney
Washington, D. C.
Proceeds--For
St., N. W., Washington,
Z. Mensh Securities Co.,
Petro-Capital Corp.
28,
1962 filed
556,700
March
Price—$11.
Pro¬
general corporate purposes.
Office—6130
Lane, Dallas. Underwriter—McDonnell & Co.,
Business—A small business
common.
investment
company.
ceeds—For
Sherry
New York. Offering—Expected sometime
22. Price—N.
and
Co.,
15 National shares held. Price—$5. Business—Manufac¬
ture, use and sale of a patented tool,'"Permeator," used
in completion of oil and gas wells. Proceeds—For gen¬
shares
Office—
be
to
common
•
Proceeds—For equipment and working capital.
2920 N. Tibbs, Indianapolis.
&
subscription by stockholders of National Petroleum
Corp. Ltd., parent, on the basis of one share for each
Underwriter—Arnold Malkan & Co., Inc., N. Y.
Paul, Harris Stores, Inc. (5/28-6/1)
April 2, 1962 ("Reg. A") 40,000 class A common. Price
—$7.50. Business—Operation of wearing apparel stores.
Stearns
N. Y.
in July.
•
share for each five
common
on
the
to be offered for
basis of one new
15
participating preferred
May 29. Rights will expire June
or about $33
per share (actual
dollar price will be set on May 28). Business—Manu¬
held
of
common or
record
Fl.
118.75
facture of
a wide range of
electronic, electrical and other
products in the Netherlands and 30 other countries for
sale
throughout the free world. Proceeds—For general
corporate purposes. Office—Eindhoven, The Netherlands.
•
Dealer-Managers—Smith, Barney & Co., N. Y., and Rotterdamsche Bank, N. V., Rotterdam, The Netherlands.
and
Corp.
18, 1962 filed 80,000 common. Price—$5. Business
—Manufacture of professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
ment and working capital. Office—236 E. 46th St., N. Y.
,
Pay'n Save Corp. (6/4-8)
April 27, 1962 filed $1,200,000 of conv. subord. deben¬
tures due 1977, also 40,576 common shares to be offered
by stockholders. Price—By amendment (max. $17 for
common.). Business—Operation of hardware, drugstore
nurseries
businesses.
Proceeds—For
working capital and other corporate
Pike
•
expansion,
Office—
St., Seattle. Underwriter—Dean
Witter
&
Francisco.
Brewing Co. (5/28-6/1)
March 30, 1962 filed 148,300 common. Price—By amend¬
ment (max. $26). Business—Company owns and
operates
a brewery. Proceeds—For
selling stockholders. Office—
312 Pearl Parkway, San
Antonio, Tex. Underwriters—A.
C. Allyn & Co., Chicago and Dewar, Robertson & Pancoast, San Antonio.
Peckham
nated
Industries, Inc.
1962 filed $500,000 of 6% convertible subordi¬
debentures
due
1974.
Underwriter—To be named,
v
purposes.
Pearl
April 2,
Pictronics
Jan.
Price—At
par.
Business—
Road
Pierce Proctor Schultte & Taranton
Investment Co., Inc.
20, 1961 filed $465,000 of 10-year 8% debentures.
Price—$15,000 per debenture. Business—The company
plans to organize and sell real estate syndicates. Pro¬
ceeds—For general corporate purposes. Office—1807 N.
Central Ave., Phoenix.
Underwriter—None.
Dec.
Piggyback Transport Corp.
April 30, 1962 ("Reg. A") 40,000
common.
Price—$5.
Business—Loading and unloading of trailers and autos
from freight cars, and freight consolidation and forward¬
ing. Proceeds—For equipment, expansion and general
corporate purposes. Office—1200 Seaboard Dr., Hialeah,
Fla.
Underwriter—Willard Co., Ill Broadway, N. Y.
plant and other corporate purposes. Office—50 Haarlem
Ave., White Plains, N. Y. Underwriter—First Albany
Dec. 21, 1961 filed 125,000 common,
to be offered by the company and
cisco (mgr.). Offering—Indefinitely postponed.
Corp., Albany, N. Y.
stockholder.
v../
21, 1962 filed 500,000 shares of beneficial interest.
Price—$10. Business—A real estate investment company.
Office—35124 Alva-
Pacific Westates Land Development Corp.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
offered in units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per unit. Business—
General real estate. Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter — Morris Cohon & Co., N. Y.
■/'
Feb.
Proceeds
rado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher & Co., San Fran¬
the selling stockholder.
St., N. Y.
(same ad¬
•
construction, sale of liquid asphalt, production and
sale of concrete, sand, gravel and crushed stone. Pro¬
ceeds
For debt repayment,
equipment, purchase of
ceeds—For
Wall
Co., Inc.
Pennsylvania Real Estate Investment Trust
Philips N. V. (5/29)
April 3, 1962 filed 6,153,140
subscription by stockholders
Shumaker, Indianapolis
Miller, Chicago.
&
dress)..//./,
Parkway Laboratories, Inc.
Dec. 6, 1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals. Proceeds
MTor an acquisition, research and other corporate pur¬
poses. Office — 2301 Pennsylvania Ave., Philadelphia.
&
Philadelphia.
Pennsylvania Mutual Fund, Inc.
March 21, 1962 filed 1,000,000 capital shares. Price—By
amendment (max. $10.29). Business — A mutual fund.
tribution of photographic equipment and supplies. Pro¬
ceeds—For selling stockholders.
Office—4747 N. Broad
12, 1962 filed 400,000 class A stock.
Business—A
Proceeds—For
for working capital. Office—Woodbridge-Carteret Road,
Port Reading, N. J. Underwriter—Mortimer B. Burnside
& Co., Inc., N. Y.
.Inc., Philadelphia, and Walston & Co., N. Y. Offering—
(6/4-8)
Nov.
Pan
Thursday, May 24, 1962
Pe Negri no Aggregate
Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
•
—For
•
.
derwriter—Robert M. Harris & Co., Inc.,
Inc.
velopes, packaging materials of various kinds, wrapping
stationery, and school supplies. Proceeds — For
selling stockholders. Office—198 W. Alameda, Denver.
Underwriter—Francis I. duPont & Co., N. Y.
March
.
capital. Office—6 Penn Center Plaza, Philadelphia. Un¬
Paper Industries,
paper,
Co., San
1,250 capital shares. Price—
$100. Business—Operation of a ski development. Pro¬
ceeds—For
expansion.
Address—RFD
New London,
N.
Blvd.,
514-524
ir Outing Club, Inc.
May 14, 1962 ("Reg. A")A
17 shares
March 30, 1962 filed 150,000 class A common. Price—By
amendment (max. $13). Business—Manufacture of en¬
March
17, 1961 filed $15,300,000 of units representing frac¬
tional interests in the Fund. Price — By amendment.
Business—The Fund will invest in interest bearing obli¬
gations of states, counties and municipalities of the
U. S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
ceeds—For investment. Office—Chicago, 111. Sponsor—
John Nuveen & Co., 135 So. La Salle St., Chicago. Of¬
fering—Expected in mid-June.
$100 of debentures for each
Peabody & Co., Inc., N. Y.
PanAm
Tax-Exempt Bond Fund, Series 3
Oct.
17,
of
pany also installs and services
its TV receivers and
stereophonic units, and manufactures plywood doors.
Proceeds—For
debt
repayment.
Office—12333
W.
Co., Washington, D. C.
Oct.
basis
Price—At par. Business—Design, manufacture and
consumer and defense electronic products.
Com¬
Pak-Well
Norwood's
(6/25-29)
sale of
12, 1962.
ment
the
on
(6/12)
(Minn.)
April 26, 1962 filed $15,000,000 of first mortgage bonds
due 1992. Proceeds—For construction. Office—15 South
Electronics Corp.
Packard-Bell
May 4, 1962 filed $5,023,800 of conv. subord. debentures
due 1977 to be offered for subscription by stockholders
.
—
Peerless Radio Corp.
(6/11-15)
March 22, 1962 filed 120,000
common, of which 100,000
are to be offered
by the company and 20,000 by stock¬
holders. Price
$4. Business — Distribution of electric
—
parts and components to industrial customers. Proceeds
—For
debt
Office—19
Kordan
&
repayment, inventory and working capital.
St., Lynbrook, N. Y. Underwriter—
Co., Inc., N. Y.
Wilbur
Pioneer
tion
of
six
Restaurants, Inc.
Price—By
restaurants
of which 75,000 are
50,000 by a selling
Business—Opera¬
amendment.
in
Sacramento.
Proceeds—For
expansion, debt repayment and working capital. Office
—1626 J St., Sacramento.
Underwriter—Stewart. Eubanks, Myerson & Co., San Francisco. Offering—Tem¬
porarily postponed..
Plantation
March
are
30,
Inc.
100,000 common, of which 70,000
and 30,000 by stockhold-
Patterns,
1962
filed
to be offered
by
company
f-
Volume
195
Number
6162
.
.
The Commercial and Financial Chronicle
.
Price—$5. Business—Manufacture of wrought iron
Proceeds
For
inventory, advertising and
working capital. Office—4601 Georgia Rd., Birmingham,
Ala.
Underwriter—Godfrey, Hamilton, & Taylor & Co.,
N. Y. Offering—Expected sometime in
July.
ers.
furniture.
Feb.
Brewing Co., Inc.
1962 filed $2,500,000 of sinking fund deben¬
and 500,000 common shares to be offered
in units consisting of a $10 debenture and two common
shares. Price—$18 per unit. Business—Company plans
to
1962 filed 150,000 class A capital shares. Price
—$3.50. Business—Manufacture of a plastic protective
coating and a water proofing solution. Proceeds—For
inventory, equipment, sales promotion, and other cor¬
New
electronic
devices
for
St.,
certain
aircraft,
•
Note
—
Interonics, Inc.
30,
filed
1961
—Manufacture
This
offering
was
temporarily
filed
N. Y.
•
of
(6/18-22)
40,000
Price—$5. Business
common.
.
.
Radio
Electric
Service
Co.
of
New
Jersey,
Inc.
(6/14)
Price—$5. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
ers.
Prescott-Lancaster
Corp.
March 30, 1962 filed 150,000 common.
Price—$5. Business
—Real estate. Proceeds—For purchase of
Prestige Capital Corp.
1961 filed 200,000 common. Price—$5. Business
Oct. 19,
—A
small business investment
company. Proceeds—For
investment. Office—485 Fifth
Ave., N. Y. Underwriter
—To
be
named.
Equities Corp. (6/11-15)
1961 filed 335,000 class A common.
27,
amendment.
Business—A
Proceeds—For
property
real
estate
acquisitions
Price—By
investment
firm.
and
N. Y.
Product Research of Rhode
(5/28) July 28, 1961 filed 330,000
—
in
used
The
the
Island, Inc.
common
of
Price—$2.05.
plastic products
and
debt,
household
fields.
equipment and
working capital. Office —184 Woonasquatucket Avenue,
North Providence, R. I. Underwriter—Fred
F. Sessler &
Co., Inc., N. Y.
Gold Mines,
new
Ltd.
April 24, 1962 filed 750,000 capital shares, of which
500,000 are to be offered by
company and 250,000 by stock¬
holders. Price—50 cents.
Business—Acquisition and ex¬
ploration of mining claims in Canada. Proceeds—For
general
ronto,
son
&
corporate
purposes.
Ontario, Canada.
Co., Toronto.
Prosper-Way,
Office—36
Yonge St., To¬
Underwriter—A. C. MacPher-
ceeds—For real estate, sales
promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd.. Los
Angeles, Calif. Underwriters—Crosse & Co., Inc., V. S.
Wickett & Co., Inc. and
Thomas, Williams & Lee, Inc
N. Y.
May 15, 1962 filed 100,000
$5.50).
common.
Price
Business—Operation
—
of
By amend¬
a
chain
of
—
* Prudent Realty Investment Trust
May 21, 1962 filed 100,000 shares of beneficial interest.
Price—$10.
Business—A real estate investment trust.
Public
investment.
Loan Co.,
Walnut
St.,
Inc.
—
Chenango
A. G. Becker &
common.
For general corporate
purposes. Office
St., Binghamton, N.
Co., Inc., Chicago.
Y.
Underwriter—
Publishers Co., Inc. (6/4-8)
1961 filed 541,000 common.
Price—By amend¬
ment. Business—Book publishing. Proceeds—For an
ac¬
Nov. 28,
quisition and other corporate purposes. Office—1106 Con¬
necticut Ave., N. W.,
Washington, D. C. UnderwriterRoth & Co., Inc.,
Philadelphia.
of
elec¬
Proceeds
Claremont
Real
Properties Corp. of America
April 27, 1962 filed 300,000 class A shares.
amendment (max. $16). Business—Company
Price—By
owns
cer¬
real
estate, general insurance agency and a mort¬
servicing company. Proceeds—For debt repayment.
Office
Fifth Ave., N. Y. Underwriter —
Stanley
Co., N. Y. Offering—Expected in mid-July.
•
Rego Radio & Electronics Corp. (6/4-8)
March 1, 1962 ("Reg. A") 80,000 common.
Price—$3.75.
Business—Wholesale distribution of automobile
radios,
replacement parts, air-conditioners, etc. Proceeds—For
inventories, research and development and working
capital. Office—46-25 58th St., Woodside 77, N. Y. Un¬
derwriter—General Securities Co., Inc., N. Y.
Regulators, Inc.
Jan.
29,
filed
1962
75,000 common, of which 50,000 are
by the company and 25,000 by Electronic
parent. Price—$5. Business—Design and
manufacture of regulating and control devices used in
to
be
offered
Specialty
Co.,
electric
and
electronic
fields.
Proceeds—For
debt
and
working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co., N. Y. Offering—Imminent.
•
Research
Products, Inc. (6/18-22)
filed 250,000 common. Price—$9. Business
—Manufacture of lithographic blankets used in
printing.
Dec. 28, 1961
Proceeds—For
debt
repayment
and
working
capital.
Underwriters—Gross
Address—Hato
&
Rey, Puerto Rico.
Co., and Elmaleh & Co., Inc., N. Y.
Laboratories, Inc.
27, 1962 filed 105,000 common. Price—$3.50. Busi¬
ness
Operation of a laboratory for contractual re¬
search, development and engineering in the chemical
—
field. Proceeds—For expansion of
facilities, debt repay¬
working capital. Office—396-406 Adams St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
ment
and
Richmond
Corp.
Dec. 21, 1961 filed 142,858 common.
—A real estate investment
company.
Price—$7. Business
Proceeds^-For debt
repayment and general corporate purposes. Office—220
K St., N. W., Washington, D. C. Underwriter—Hirschel
Co., Silver Spring, Md. Offering—Indefinite.
Ridgerock of America, Inc.
Dec.
29,
1961
filed
100,000
common.
Price—$2.50.
Business—Production of stone facing for buildings. Pro¬
ceeds—For debt reduction and general corporate pur¬
poses. Address—Sebring, O. Underwriter—To be named.
•
Delaware Corp.
1962 filed 200,000 class A
to
be
offered
in units
warrant.
Price—$30 per unit.
development and management
of
and
common
four
shares
Business—A
50,000
and
real
one
estate
Proceeds—For
company.
construction, acquisitions, debt repayment and working
capital. Office—LaGorce Sq., Burlington, N. J. Under¬
writer—H. Neuwirth & Co.,
Inc., N. Y.
•
Rite
Jan.
Electronics, Inc.
1962 filed 62,000
29,
—Sale
and
distribution
(6/25-29)
Price—$6. Business
receiving tubes, television
common.
of
picture tubes, and electroinc components, parts and
equipment. Proceeds—For an acquisition, equipment and
working capital. Office—1927 New York Ave., Hunting¬
ton Station, N. Y.
Underwriter—Robbins, Clark & Co.,
Inc., New York.
Roadcraft Corp.
Dec.
(6/4-8)
1961 filed 400,000 common. Price—By amend¬
26,
ment.
Business—Design, manufacture
homes
and
porate
purposes.
office
trailers.
and sale
pf mobile
Proceeds—For
general cor¬
Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter
Vickers, MacPherson & Warwick,
—
Inc., N. Y.
Robam-Seaway
Industries,
March 29, 1962 filed $1,000,000
ordinated debentures due 1982.
Inc.
of
(5/28-6/1)
6%
convertible
sub¬
Price—At par. Business
—Purchase and sale of scrap steel and other metals and
operation
of
rolling mill, a stevedoring business and
companies. Proceeds—For general cor¬
porate purposes. Office—101 East Ave., North Tonawanda, N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
New York.
;'
y'U
'
1•
two
a
demolition
■
...
•
Rona
Plastic
Corp. (5/28-6/1)
Dec. 15, 1961 filed 200,000 common. Price—$5. Business
—Manufactures plastic housewares, baby products and
other plastic items. Proceeds—For debt repayment and
other corporate
purposes.
Office—1517 Jarrett Place,
Bronx, N. Y. Underwriter—Arnold Malkan & Co., Inc.,
New York.
•
Rosenfeld
(Henry), Inc.
(6/25-29)
March 23, 1962 filed 120,000 common. Price—By amend¬
ment
sale
(max.
$10).
of women's
holder.
Business—Design,
dresses.
Office—498
Robert A. Martin
manufacture and
a
selling stock¬
Proceeds—For
Seventh
Ave., N. Y. Underwriter—
Associates, Inc., N. Y.
Royaltone Photo Corp.
29, 1961 filed 300,000 common, of which 100,000
.are to be offered by the
company and 200,000 by stock¬
holders.
Price
By amendment.
Business
Develops
and prints
color, and black and white photographic
film. Proceeds
For equipment and working capital.
Office—245 7th Ave., N. Y. Underwriter —
Federman,
Stonehill & Co., N. Y. Offering—Expected sometime in
Nov.
—
—
—
June.
Ruby
Silver
Mines,
Inc.
Jan. 2, 1962 ("Reg. A") 2,400,000 common. Price—12%
cents. Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.
745
—
Heller &
&
(5/28-6/1)
Price—By amend¬
(max. $17). Business—Operation of small loan of¬
fices. Proceeds
—41
Office—1324
Underwriter—None.
March 28, 1962 filed 170,000
ment
sale
Feb.
dry-cleaning and laundry stores. Proceeds—For selling
stockholders. Office
48-12 25th St.,
Astoria, N. Y.
Underwriter—Edwards & Hanly, Hempstead, L.
I., N. Y.
Philadelphia.
and
Resin Research
Prosperity Cleaners & Laundries, Inc.
Proceeds—For
Business—Manufacture
working capital. Office—411
Ave., Chicago. Underwriters—Aetna Se¬
curities Corp., N. Y. and Cantor, Fitzgerald &
Co., Inc.,
Beverly Hills, Calif.
N.
repayment
7, 1962 filed 85,500 common. Price—$3. Business
—Development and promotion of "one stop dry cleaning
and laundry"
establishments, and the sale and main¬
tenance of dry cleaning and
laundry equipment. Pro¬
(max.
amendment.
the
Inc.
Feb.
ment
ic Ram Tool Corp.
May 16, 1962 filed $800,000 of 6V2 %' subord1. debentures
due May 31, 1972 (with attached
warrants). Price—By
tain
shares.
vinyl
marine
repayment of
Promistora
N. J. Underwriter—Lee-Mosson & Co., Inc., N. Y.
gage
manufacture
automotive,
Proceeds—For
moving expenses
Cooper St., Camden,
,
—For debt repayment and
working cap¬
ital. Office—66 Hawley
St., Binghamton, N. Y. Under¬
writers—D. H. Blair & Co., and
Troster, Singer & Co.,
Business
ceeds—For debt repayment,
expansion,
and working capital. Office—513-15
trically powered tools, and hand garden tools.
Primex
Nov.
Riker
March 29,
warrants
radio
Jan. 23, 1962 ("Reg. A") 55,000 common, of which
50,000
will be offered by the company and 5,000 by stockhold¬
Alstyne, Noel & Co., N. Y.
mortgages, and
working capital. Office—18 Lancaster Rd., Union, N. J.
Underwriter—Jacey Securities Co., N. Y.
Office—1717 E. 9th St., Cleveland. Under¬
writer—Fulton, Reid & Co., Inc., Cleveland.
•
frequency interference filters
and capacitors. Proceeds—For
equipment, working cap¬
ital and other corporate purposes. Office—15 Neil
Court,
Oceanside, N. Y. Underwriter—Arnold Malkan & Co-
ceeds—For debt repayment and
working capital. Office
—33 New Broad St., Port
Chester, N. Y. Underwriter—
Van
RF
Oct.
Microwave
1962
Francisco.
15, 1962 filed 150,000 capital shares. Price—$1.
Business—Mining. Proceeds—For debt repayment, sur¬
veying and general corporate purposes. Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
tion Ltd., Toronto.
Corp. (5/28-6/1)
125,000 common, of which 50,000
are to be offered
by the company and 75,000 by stock¬
holders. Price—By amendment (max. $12). Business—
Design and manufacture of microwave components. Pro¬
28,
For general
Queensway Mines Ltd.
working capital. Office—7326 Westmore Rd., Rockville,
Underwriters—Jones, Kreeger & Co., and Balogh &
Co., Washington, D. C. Note—This offering was post¬
poned indefinitely.
Premier
—
March
Md.
•
units, each consisting of $160 of deben¬
shares.
Price—$200 per unit.
Business
postponed.
missiles, oscilloscopes,
electronic vending machines and
language teaching ma¬
chines. Proceeds—For
expansion, repayment of debt and
Feb.
and
41
investment.
•
named.
of
Corp. (5/29)
$4,000,000 of 5% conv. subord. de¬
200,000 class A shares to be of¬
filed
1971
York.
San
production
non-alcholic
(a
Pulp Processes Corp.
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Pro¬
ceeds—General corporate purposes. Office—Hoge
Bldg.,
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
Polytronic Research, Inc.
and
malta
corporate purposes. Office—San Juan, Puerto Rico. Un¬
derwriters—Lieberbaum & Co., and Morris Cohon & Co-
June 7, 1961 filed 193,750 common
shares, of which 150,000 will be sold for the
company and 43,750 for stock¬
holders. Price—By amendment. Business—Research and
engineering
natural
—Real estate and construction. Proceeds
Policy-Mafic Affiliates, Inc.
16, 1961 filed 200,000 capital shares. Price—$3.25.
Business—Leasing of insurance vending machines. Pro¬
development,
1961
due
fered in 25,000
tures and eight
Oct.
be
24,
bentures
Underwriter—None.
W., Washington, D. C. Underwriter—To
and
Puerto Rico Land and Development
Nov.
^Playground Corp. of America
May 11, 1962 ("Reg. A") 75,000 common.
Price—$2.
Business—Design, manufacture and sale of recreational
and playground equipment.
Proceeds—For equipment,
sales promotion, debt repayment and
working capital.
ceeds—General corporate purposes. Office—1001 15th
beer
Puerto Rico. Underwriter—Merrill Lynch, Pierce, Fenner
& Smith, Inc., N. Y. Offering—Expected in June.
porate purposes. Office—507 Fifth Ave., N. Y. Under¬
writer—Arden Perin & Co., N. Y. Offering—In June.
N.
produce
beverage). Proceeds—For construction and operation of
a
brewery and working capital. Address—San Juan,
7,
St., N. Y.
23,
tures due 1977
Chemicals, Inc.
Office—35 W. 53rd
Rico
Puerto
March
—
Plasticon
(2477)
Ridgewood Financial Corp.
(6/4-8)
March 30, 1962 filed 60,000 common, of which 11,250 are
to be offered by company and 48,750 by stockholders.
Price—By amendment (max. $9.75). Business—Owner¬
ship of stock of Ridgewood Savings Loan Co. of Parma,
in Cleveland. Proceeds—For organizational expenses and
Sage International Inc.
April 30, 1962 filed 150,000
capital shares.
Price—By
(max. $13). Business—Operation of mem¬
bership discount department stores. Proceeds—For ex¬
pansion and inventories.
Office—315 S. Beverly Dr.,
Beverly Hills, Calif. Underwriters—First California Co.
Inc., San Francisco and Allen & Co., N. Y. '
amendment
Salant &
SaHant, Inc.
(6/11-15)
150,000 class A shares. Price—By
amendment (max. $35). Business—Manufacture of men's
utility and sports' clothes. Proceeds—For selling stock¬
March
23,
1962
filed
holders. Office—330 Fifth Ave., N. Y.—Underwriters—
Kidder, Peabody & Co., and Jessup & Lamont, N. Y.
Salro
Manufacturing Corp.
(6/4-8)
March 19, 1962 filed $250,000 of 7% convertible subordi¬
nate debentures due 1972, and 16,500
outstanding com¬
mon shares to be offered in
units consisting of $500 of
debentures and 33 shares. Price—$632 per unit. Business
—Manufacture and distribution of metal purse and hand¬
-bags frames, for certain manufacturers. Proceeds—For
debt repayment, equipment, and working capital. Pro¬
ceeds—From the stock sale will go to selling sharehold¬
Office—413 Thatford Ave., Brooklyn, N. Y. Under¬
ers.
writer—I. R. E. Investors
Corp., Levittown, N. Y.
Sampson Enterprises, Inc. (6/25-29)
Feb. 28, 1962 filed 450,000 common. Price — By amend¬
ment (max. $8).'Business—A holding company for a
real
estate concern, motor inn, shopping centers, bowl¬
establishments, etc. Proceeds—For debt repayment
and working capital. Office—222 E. Erie St., Milwaukee.
Underwriters — Straus, Blosser & McDowell, Chicago
and Dempsey-Tegeler & Co., Inc., St. Louis.
ing
San Francisco Capital Corp.
April 23, 1962 filed 60,000 common.
ness—A
—For
small
business
investment.
Francisco.
Price—$12.50. Busi¬
company.
Proceeds
Montgomery St., San
investment
Office—400
Underwriter—Cantor, Fitzgerald & Co., Inc.,
Beverly Hills, Calif.
Santa
Fe
Drilling Co.
(6/4-8)
March 30, 1962 filed 160,000 common, of which 100,000
are to be offered by
company and 60,000 by stockholders.
Price—By amendment
labor and
for
oil.
(max. $33). Business—Furnishes
equipment to major oil companies and drills
Proceeds—For
debt
repayment
and
equipment.
Calif.
Office—11015 Bloomfield Ave., Santa Fe Springs,
Underwriter—Dean Witter & Co., Los Angeles.
Continued
on
page
42
42
The Commercial and Financial Chronicle
(2478)
Financial
Selective
Continued from page 41
.
.
.
Thursday, May 24, 1962
Southeastern Real Estate Trust
Corp.
April 2, 1962 filed 700,000 common. Price—By amend¬
ment (max. $13.80). Business—A real estate investment
Price
of which 405,000
are to
be offered for subscription by holders of the A,
B and C stock of Selective Life Insurance Co., an affili¬
—$>3.75.
Business—Design, manufacture, and distribu¬
tion of high fidelity amplifiers, transformers, etc. Pro¬
ate, on the basis of 4 company shares for each class A or
B share and two-thirds share for each class C share of
ington St., Orlando, Fla. Underwriter—None. '■
Feb.
Electronics
Saturn
May 3, 1962
ceeds—For
working
Dallas.
Corp.
("Reg. A")
8U,U00 class A common.
equipment, inventory, moving expenses and
Selective
Drugs,
chain of
drug stores. Proceeds—For general corporate
Office—3310 New York Ave., N. E., Washing¬
ton. D. C. Underwriter—C. A. Taggart, Inc., Towson, Md.
Mill
River
Industries,
(6/4-8)
Mar. 26,
1962 filed 240,000 capital shares, of which
140,000 are to be offered by company and 100,000 by
stockholders. Price—By amendment (max. $9). Business
—Manufacture and distribution of stereo photographs
and viewers. Proceeds—For working capital. Address—
Portland, Ore. Underwriters — Straus, Blosser & Mc¬
Dowell, Chicago, and Hill, Darlington & Grimm, N. Y.
Sawyer's Inc.
•
Saxon Paper Corp.
(6/12)
March 30,
1962 filed 200,000 common. Price—By amend¬
(max. $9). Business — Wholesale distribution of
ment
printing paper and paper products. Proceeds—For debt
repayment and expansion. Office—240 W. 18th St., N. Y.
Engineering (6/4-8)
March 13, 1962 filed 150,000 common, of which 100,000
are
to be offered by company and 50,000 by a selling
stockholder. Price—By amendment (max. $10). Business
—Design and manufacture of measuring, indicating,
recording, testing and controlling devices used in air¬
craft
missile
and
systems. Proceeds — For expansion.
Address
S. Route 130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Co., N. Y.
will
days,
Sentinel
and
mailed
be
stockholders
to
debt
For
capital. Office
Spears
Brewing Co.
(max.
"Old
By amend¬
—
$35).
Milwaukee"
$80).
(max.
design
and
mechanical
manufacture
of
electronic
and
electro¬
equipment, components and systems. Pro¬
ceeds—For
selling stockholders. Office—408 Bank of the
Southwest Bldg., Houston.
Underwriter—Morgan Stan¬
ley & Co., N. Y.
Schneider
(Walter J.)
Corp.
-
Feb. 28, 1962 filed $5,500,000 of 6^2% subordinated con¬
vertible debentures due 1977 and 110,000 5-year warrants
to
purchase a like amount of class A common.
The
company plans to offer the securities in 5,500 units (each
consisting of $1,000 of debentures and warrants to pur¬
chase 20 shares) for subscription by holders of its class
A stock and
ment.
10% debentures due 1976.
Business—General
real
estate.
School
Pictures, Inc.
filed 60,000
common, of which 41,864
the company;
the entire
Feb.
will
7,
•
Shelley Manufacturing Co.
Sierra Pacific Power Co.
be
($35
offered
max.).
finishes
N.
table
common
class
and
are
40,000
to be
class
offered
A
by
A
and 18,136 common
Price—By amendment
by stockholders.
Business—Company
develops,
prints,
"school
and
and
pictures." Proceeds — For plant
acquisitions, and working capital. Office—
equipment,
1610
common
Mill
St.,
Jackson,, Miss. Underwriters—Equi¬
Corp., Nashville, and Kroeze, McLarty
Securities
& Duddleston. Jackson. Miss.
Scientific
April 30,
Equipment
1962
filed
ness—Manufacture
Manufacturing Corp.
83,500
of
Price—$6.
Busi¬
multi-dose jet vac¬
common.
sterilizers,
cine
(6/4-8)
for
use
repayment,
Office—1933
Heck
equipment
and
working
one
one-
new
share
Price—By
Scripps-Howard Broadcasting Co.
ment
(max.
$20).
common.
Price—By amend¬
Business—Company
owns
and
capital.
(max.
new
$20).
Co.
B. W.
&
—For
TV, radio and FM broadcasting stations. Proceeds
selling stockholders. Office—1121 Union Central
Bldg.. Cincinnati. Underwriter—First Boston
Corp., N. Y.
Offering—Indefinitely postponed.
•
Security Aluminum Corp. (6/18-22)
Jan. 26, 1962 filed 200,000 common.
Price—By
ment.
dows
business—Manufacture
and
penses
of
•
for
doors.
Proceeds—For equipment,
moving ex¬
working capital. Office—503 E. Pine Ave.,
Calif. Underwriter—Vickers, MacPherson &
•;
Business—Design
data
and
manufacture
of
program transmission, filters, transceivers
and related electronic equipment; Proceeds—For
equip¬
and
working capital
development, repayment of loans and
Office—12 Hinsdale St., Brooklyn. Un¬
& O'Connor, Inc., N. Y.
derwriter— Searight, Ahalt
goods. Proceeds
Solid State
Feb.
1,
1962
Products, Inc.
filed
110,000
-
(6/4-8)
&
Stratford
are
cisco.
Underwriter—Frank
rities, San Francisco.
Solon
Industries,
J.
Mohr
Investment
_
■/',
Secu¬
/.
/
Inc.
Dec. 28, 1961 filed 75,000
common. Price—By amendment.
Business—Installation of its coin operated laundry equip¬
ment at designated residential
locations. Proceeds—For
selling stockholders. Office—115 L St., S. E. Washington,
D.
C.
Underwriter—None.
29,'1962 filed
218,000
are
—95
-
'//'•/;/
^
Proceeds—For debt repayment. Office
N. Y. Underwriter—Mortimer B.
Co., Inc., N. Y. \
;
-'/: ;"./::;V
company.
Madison
Burnside &
Ave.,
,
Stratton
Realty & Construction Fund, Inc.
March 20, 1962 filed 500,000 common. Price—$20. Busi¬
ness—A real estate investment company. Proceeds—For
investment. Office—50 E. 40th St., N. Y. Underwriter—
.
of which 54,000
by stockholders.
Price—$5. Business—Operation of coin operated amuse¬
ment rides for children. Proceeds—For
debt repayment
and working capital.
Office—219—9th St., San Fran¬
Financial Corp., •V:;\
March
nance
•
Vending Co. ./ ••:./'///'•
("Reg. A") 60,000 common,
to be offered by company and
6,000
are
315,000 class A shares of which
to be offered by the company and 97,000 by
the stockholders,
Price—$6, Business—Commercial fi¬
common.
May 4, 1962
Industries, Inc. (6/18-22)
21, 1962 filed 115,000 class A, of which 40,000
be offered
by the company and 75,000 by stockhold¬
Price—$6. Business—Manufacture, sale and distribu¬
tion of fish foods and distribution of various types of fish
and aquarium supplies for hobbyists. Proceeds—For a
new plant and working capital. Office—52
Cottage Plaza,
Allendale, N. J. Underwriter — Andresen & Co,, N. Y.
•
Price—By amend¬
Business—Development, manufacture and sale of
semiconductor devices. Proceeds—For a new
plant, debt
repayment and working capital. Office—1 Pingree St.,
Salem, Mass. Underwriter—Tucker, Anthony & R. L.
Day, N. Y.
Amusement
(M.)
ers.
ment.
Solo
repayment, moving expenses and a
Office—744 Berriman St., Brooklyn,
Underwriter—Lloyd Securities, Inc.
Y.
Sternco
For expansion
—
debt
product line.
Feb.
(6/18-22)
<
Cycle Corp. (6/18-22)
filed 200,000 common. Price—$3. Business
bicycles, tricycles and toy automobiles.
1962
inventory, equipment and working capital. Office—814
29th St., Los Angeles. Underwriter — Thomas Jay,
Winston & Co., Inc., Beverly Hills, Calif.
;
/-'
buildings, repayment of debt and
working capital. Office—253 Columbia /St., Brooklyn,
N. Y. Underwriter—Albion Securities
Co., Inc., N. Y.
networks
and
ment, research
other household
and
Co., Inc.
(6/18-22)
E.
to
Furniture
Equipment Corp.
Stephens Mfg. Co., Inc. (6/6)
1962 ("Reg. A") 75,000 capital shares. Price—■
$4. Business—Manufacture and distribution of electrical
fittings and connectors. Proceeds—For debt repayment,
•
Brothers
PFant
March 28,
.
Seg Electronics Co., Inc. (6/11)
Sept. 28, 1961 filed 110,000 common. Price—By amend¬
ment.
N.
inventory, advertising and working capi¬
tal.
Office—420 Lexington Ave., N. Y. UnderwriterPacific Coast Securities.Co., San Francisco. Note —. This
firm formerly was named National Vending Ski Insur¬
Sokol
Vending Corp.
Proceeds—For
Corp.
Corp.
5,
new
Proceeds—For
ance
and
—Manufacture of
vending machines to brokers at sporting centers
ance
Price—By
investment
of
Steiber
Jan.
repayment, acquisition of land and
Office — 1093 Frank Rd., Columbus,
Service
common.
Norristown, Pa.
(5/28-6/1)
Oct, 30, 1961 filed 550,000 common. Price—By amend¬
ment.
Business—Distribution of coin-operated insur¬
•
Steel
•
Skiers
300,000
Proceeds—For
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Co., N. Y.
D. C
amend¬
alumnium sliding win¬
and
Compton,
Warwick, Inc., N. Y.
•
Ohio. Underwriter—H. P. Black & Co., Inc., Washington,
•
filed
insurance.
Oct. 2, 1961 ("Reg. A") 69,660 common. Price—$3. Pro¬
ceeds—For equipment and working capital. Address—
debt
working capital.
1962
(max. $5). Business—Writing of life, health
Price—$4.25.—Busi¬
cigarettes, coffee, beverages, candy etc.,
through vending machines. Proceeds—For debt repay¬
ment, leasehold improvements,, expansion and working
capital. Office—354 Hempstead Ave., West Hempstead,
N. Y. Underwriter—M. H. Myerson & Co., Inc., N. Y.'
ness—Sale
Site-Fab, Inc. (6/4-8)
Feb. 27, 1962 filed 135,000 common. Price — By amend¬
ment (max. $4). Business—Construction of homes. Proreeds
27,
accident
Statewide
Business—Develop¬
Pizzini
Inc.
March 23, 1962 filed 88,250 common.
type combination lock. Proceeds
and
Underwriter—
writer—None.
share for each 10 company shares held,
each 30 shares of Associated held.
a
J.
working capital. Office—1760 High St., Denver. Under¬
—For
oper¬
ates
—For
and
Ave., Neptune, N. J. Underwriter—
amendment
N.
State Life Insurance Co. of Colorado
for
ment and sale of
Sportsways,
amendment
Simplex Lock Corp.
April 20, 1962 filed 20,000 common to be offered for sub¬
scription by stockholders of the company and of Associ¬
ated Development and Research Corp., parent, on the
and
Hoboken.
20, 1962 filed 175,000 common, of which 50,000 are
to be offered by company and 125,000 by a stockholder.
Price—By amendment; (max. $7). Business—Manufac¬
ture and distribution of skin diving equipment and ac¬
cessories. Proceeds—For working capital. Office—7701
E.
Compton Blvd., Paramount, Calif. Underwriters—
Troster. Singer & Co.. and Federman, Stonehill & Co.,
N. Y. Offering—Temporarily postponed.
Milton D. Blauner & Co., N. Y.
basis of
St..
Feb.
indicators and circuit components. Proceeds—
as
debt
For
Grand
Co., N. Y. Offering—Expected in July.
March
and modernization of
March 20, 1962 filed 375.000
Office—730
Blair &
'
Ernest
Co., N. Y.
products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of debt, and working capital.
1962 filed 126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
Sept. 28, 1961 filed 240,000 common. Price—$2.50 Busi¬
ness—The instalment retailing of furniture, appliances
Fuller &
and food
•
injectors,
operating
lights
and
other
medical
equipment.
Proceeds—For
inventories, new products
and moving expenses.
Office—20 North Ave., Larchmont, N. Y.
Underwriters—Coggeshall & Hicks and
M.
Inc.
Nov. 29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company ana 30 000 by stockholders.
Price—By amendment. Business—Manufacture of drug
(6/26)
.'(,6(^18-22)
-
Sperti Products,
packaged foods, and various food serving devices. Pro¬
ceeds—For equipment, advertising, plant expansion and
working capital. Office—3800 N. W., 32nd Ave., Miami,
Fla. Underwriter—George, O'Neill & Co., Inc., N. Y.
.
Alaska. Underwriter—To be named.
age,
Dec. 29, 1961 filed 55,000 common. Price—$6.50. Business
—Manufacture of automatic equipment for handling
Charles Plohn &
(6/4-8)
1962
ers.
junior department stores and self-service discount stores.
Proceeds—For selling stockholders. Office—1325 Warford St., Memphis. Underwriter—New York Securities
Co., 52 Wall St., N. Y.
Proceeds—For
derwriter—None.
(7/2-6)
30, 1962 filed 117,541 common, of which 50,000
to be offered by company and 67,541 by stockhold¬
Price—$2.50. Business—Installation, operation, main¬
tenance and ownership of public water distribution and
sewage disposal systems. Proceed—For general corporate
purposes. Office—3110 Northern Lights Blvd., Anchor¬
(Sam) Co.
March 30, 1962 filed 236,000 common. Price—By amend¬
ment (max. $13). Business — Operation of a chain of
equipment, research and development and work¬
ing capital. Office—150 Broadway, N. Y. Underwriters—
quisition of property. Office—67 W. 44th St., N. Y. Un¬
Inc.
March
Shainberg
Price—By amend¬
ac¬
(L. B.),
are
Signaljte Inc.
Price—By amend¬
Business—Furnishing of electrical
logging and related services to oil well drillers, and the
ment
Price—$4. Business
receptors, precast con¬
working capital. Office—2212 Third Ave., N. Y. Under¬
Malkan & Co., Inc., N. Y.
Spenard Utilities, Inc.
repayment, equipment and working
Jan. 29,
(Jos.)
shower
writer—Arnold
Underwriter—.General
Schlumberger Ltd. (6/12-13)
May 11*, 1962 filed 700,000 common.
ment
Inc."(5/28-6/1)
common.
Oct. 30, 1961 filed 65,000 common. Price—$5. Business—
Operation of retail furniture stores/ Proceeds — For
190 Gruner Rd., Cheektowaga, N. Y.
Securities Co., Inc., N. Y.
—
International
22, 1961 filed 175,000
Underwriter—M. H. Woodhill, Inc., N. Y.
30, 1962 filed 125,000 capital shares. Price — $3.
Business—Design, development and manufacture of pre¬
cision control components and associated products. Pro¬
—
Wash¬
rceptors, prefabricated metal showers, baseboard
radiators and rope and twine. Proceeds—For a new plant
in Canada. Office—52-55 74th Ave.,
Maspeth, L. I., N. Y.
March
ceeds
E.
crete
(6/18-22)
Inc.
Servotronics,
Office—600
1961
Spartan
Dec.
Under writer—None.
•
29,
—Manufacture of metal
Business—Brewing of "Schlitz" and
beers. Proceeds—For selling stock¬
holders. Office—235 W. Galena St., Milwaukee. Under¬
writer—Glore, Forgan & Co., Chicago. Offering—In¬
definitely postponed.
Schlitz
March 2, 1962 filed 347,543 common. Price
•
about
May 11, 1962 filed $5,000,000 of first mtge. bonds due
1992. Office—220 S. Virginia St., Reno, Nev. Underwrit¬
ers—(Competitive.) Probable bidders: Kidder, Peabody
& Co.-White, Weld & Co. (jointly); Salomon Brothers
& Hutzler; Halsey, Stuart & Co. Inc.; Stone & Webster
Securities Corp.-Dean'Witter & Co.
(jointly). Bids—
Expected June 26, 1962 (11 a.m. EDST), at 49 Federal
St., Boston. Information .Meeting—June 22 (1Q;30 a.m.
EDST) at 90 Broad St., 19th floor.
—
-
Office-—565 Fifth Ave., N. Y..
building.
a
investment.
Towing & Transportation Co., Inc.
("Reg. A") 100,000 common. Price—$3.
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y.
r
Nov.
Properties Corp.
struction of
Proceeds—For
Southeastern
unsub¬
any
May 1, 1962 filed 200,000 class A common. Price—$10.
Business—Real estate investment.
Proceeds—For con¬
Underwriter—Bear, Stearns & Co., N. Y.
Schaevitz
94,822
May 4.
(7/2-6)
Inc.
1962 filed 100,000 common. Price—$5. Busi¬
development and manufacture of steel
products for home use. Proceeds—For working capital.
Office—1051 Saw Mill River Rd., Yonkers, N. Y. Under¬
writer—Arnold Malkan & Co., Inc., N. Y.
120
about
March 29,
ness—Design,
Remaining
trust.
corporate purposes. Office—830 N. Central Ave., Phoe¬
nix.
Underwriter—None. Note—Warrants, expiring in
purposes.
Saw
held.
Life
common,
$6; to stockholders, $5. Business—Company plans to en¬
gage
in the consumer finance, mortgage, general fi¬
nance
and related businesses. Proceeds*— For general
Inc.
Dec. 28, 1961 ("Reg. A") $300,000 of 6% 15-year subord.
conv. debentures. Price^-At par. Business—Operation of
a
500,000
scribed shares will be offered publicly. Price—To public,
Office—1C665
Harry
Hines Blvd.,
Underwriter—Reese, Scheftel & Co., Inc., N. Y.
capital.
Save-Mor
1962 filed
28,
To
:
•
be
named,
v
/
^
.
Sun City Dairy Products, Inc.
Oct. 27,
1961 filed 110,000
(6/25-29):
common.
-
Price—$4. Business
—Distribution of eggs and dairy products in Florida and
other southeastern states. Proceeds—General corporate
purposes.
Office—3601 N. W. 50th St., Miami, Fla.
Un¬
derwriter—Finkle & Co.. N. Y.
•
Superior Bakers,
Feb.
are
28,
1962
Inc.
•
(6/6)
filed 325,000 common, of which 294,000
by the company and 31,000 shares by a
to be offered
stockholder.
of baked
Price—$3. Business—Manufacture
and
sale
goods. Proceeds—For debt repayment and gen-
Volume
Number
195
6162
.
.
The Commercial and Financial Chronicle
.
ceeds—For expansion, equipment and working capital.
Office—2220 Florida Ave., Jasper, Ala., UnderwriterPhilips, Rosen, Appel and Walden, N. Y.
<•„
eral corporate purposes. Address—New York & Drexel
Aves., Atlantic City, N, J. Underwriter—Balogh & Co.,
Washington, D. C.
Tork Time
Szemco, Inc.
Dec.
1961
Dec.
66,666 common. Price—By amend¬
($1.50 max:). Business—Design and manufacture
of ordnance,
automotive, aircraft and guided missile
parts and components. Proceeds—For-selling stockhold¬
ers.1 Office—4417 Okechobe Rd:, West Palm Beach, Fla.
29,
filed
ment
Underwriter—None.:
—«•
•
(2479)
ment.
Controls,
Inc.
(5/28-6/1)
12, 1961 filed 150,000 common. Price—By amend¬
Business—Design and manufacture of time con¬
trolled switches. Proceeds—For debt repayment, expan¬
;
sion, and working capital. Office—1 Grove St., Mount
IVernon, N. Y; Underwriters—Godfrey, Hamilton, Taylor
Co;, and Magnus & Co., N. Y.
•
..
.
• Towers Marts
Inc. (6/15)
'A <•>' ■!/*'
International, Inc. (6/4-8)
-March 29, 1962 ("Reg. A") 50,000 common. Price — $6.
Feb. 1, 1962 filed 550,000 capital shares. Price —
By
Business—Manufacture ,and sale of women's wear. Pro¬
amendment. Business
Company builds and operates
ceeds—For debt repayment, leasehold improvements and
retail discount department' stores. Proceeds—For expan¬
sion. Office—41 E. 42nd St., N. Y.
Underwriter—W. C.
{expansion.; Office—217 E. Eight St., Los Angeles, Calif.
Langley & Co.,' N; Y.
Underwriter—Costello, Russotto & Co;, Los Angeles. V" ;;,
r; !
Underwriter
Costello,'Russotto & Co., 9301 Wilshire
;• • ; Traid Corp.
(6/4-8)
V,-\„
Blvd.,.,.Beverly Hills, Calif. ; ^
..Feb. 12, 1962 filed 150,000 common. Price—By amend¬
Jabach Industries,
■
—
—
•
Fiuid
Tactait
Controls, Corp.i. V
ment
^
March 29, 1962 filed.90,000 common. Price—By amend--1
ment (max, $7.50). Business—rMahufacture of - fluid con- ;
(max. $9).
Business—Design
and sale of special
Proceeds—For gen¬
Office—17136 Ventura Blvd.,
eral corporate purposes.
missiles, helicopters and aircraft,Encino, Calif. Underwriter—J.; A. Hogle & Co., Salt
Proceeds—For. selling
stockholders
Address—Bridge- < -Lake City."/;-/•/ /;:'y/J";;//
port,,; Conn. Underwriters—Stroud & Co., Inc. and Pen-.;
/
Trans-Alaska Telephone Co. (6/11-15)
mgton, Cplhet, & Co., Philadelphia./Offering-^Indefinite^
Nov. 29, 1961 filed 265,000 common, of which 250,000 are
ly postponed.% '•/_ VV//,?
/to be offered by the company and 15,000 by a stock¬
holder.. Price—$6. Proceeds—For construction, and ac¬
Taylor Publishing Co.
Dec. 21, 1961 filed 152,000 common. Price—By amend- > quisition, repayment of debt, and other corporate pur¬
ment. Business
Production and distribution of school
poses. / Office — 110 E. 6th Ave., Anchorage, Alaska.
year-hooks and commercial printing. Proceeds—For sell¬ /Underwriter—Milton D. Blauner & Co., Inc., N. Y.
ing stockholders. Office—6320 Denton Dr., Dallas, UnTrans-Pacific Research & Capital, Inc.
derwriters—Merrill Lynch, Pierce, Fenner & Smith Inc.,
/Nov. 27, 1961 filed 47,000 common. Price—By amend¬
N. tY., and Dallas Rupe -& Son, Inc., Dallas, Tex. Offer¬
ment. Business — Manufacture of high pressure valves
ing?—Imminent.
Nov: 30,
•tures
\.:_y/. ;•/-
?and accessories. Proceeds—For
expansion, working capvital, and possible acquisitions/Office — Pacific National
Bank Bldg., Bellevue, Wash. Underwriter—To be named.
Animations, Inc.
1961 filed $211,400 of 7% conv. subord. deben1972
due
(with warrants)
being offered for sub¬
by holders of class A and
scription
class
'
Trans-Western Service Industries
rate
and
of $100
B common ai
of debentures fGr each 280 shares held
manufacture
technical
of
Office—11
transparencies
and
other
R. Topik & Co.,
Transdata,
research, and working capital
Dr., <East Port Washington, N. Y.
& Low; John R. Maher Associates,
Inc., N. Y.
•
-
.
Technical
Capital Corp.;
April 30, 1962 filed 500,000 common.
ness—A
small
Nov.
—Research
Busi¬
and
common.
development
*
repayment
and
Johnson
named.
other
corporate
Ave., El Cajon
Price—$5. Business
the
in
processing and transmission field.
•
■N.
Price—$10.
Inc.
29, 1961 filed 100,000
data
image
Proceeds—For
purposes.
Calif.
and
debt
Office—1000
Underwriter—To
be
Transportation for the Handicapped, Inc.
May 2, 1962 filed 80,000 commonn Price—$2.,, Business—
Company plans to sell franchises "for "Mobile Care," a
• Tellite
Corp.' ';:.{{
/ ::;v"V ^specialized method for transporting the aged and handi¬
Jan. 29, 1962 filed 125,000 common. Price—$3. Business
capped.
Proceeds—For
advertising,
equipment
and
—Manufacture of "Tellite," a new material used in con¬
/working capital.
Office—2079 Wantaugh Ave., Wannection with electronic circuits. Proceeds—For
taugh, N. Y. Underwriter—Weisel, Kleinman & Co., Inc.,
expan¬
Garden City, N. Y.
sion, research and development, acquisition a technical
library, and working capital.- Office—200 S. Jefferson
Tremco Manufacturing Co.
St.; Orange N. J. Underwriter —- Magnus & Coy N. Y.
{Teb. 26, 1962 filed 150,000 class A common. Price — By
Offering—Expected sometime in August. ^
>
v
.amendment (max. $15). Business—Producer of protective
Ten-Tex Corp/ (6/11-15)
?•;/r:■
/yicoatings, sealants, mastics, paints, etc. Proceeds — For
Jaii. 31, 1962 ("Reg. A") 120,000 common.
Price—$2.30.
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
Business—Manufacture of a machine for production of
land. Underwriter—McDonald & Co., Cleveland. Offer¬
tufted textile products. Proceeds—For debt
repayment
ing—Temporarily postponed.
{
and working capital. Office—4813 Tennessee
Ave., Chat¬
/
Tronchemics Research Inc.
tanooga. Underwriter—Irving J. Rice & 'Co., Inc., St.
May 10, 1962 filed 400,000 common. Price—$1. Business
Paul:
-•;>;;
•y//:'. '/• /'/:;/•;
;/■/'/< •:
—Research and development and manufacture of prod¬
Texas Technical Capital, Inc.
ucts in the fields of data processing, process control and
Oct.. 16, 1961 filed 275,000 common. Price—By amend¬
chemical and food processing.
Proceeds—For research
ment (max, $20). Business—A small business investment
and .^development, working capital and other corporate
company. Proceeds—General corporate purposes. Office
purposes.
Office—7620 Lyndale Ave. S., Minneapolis.
—1947 W. Gray Ave., Houston. Underwriters — F. S.
Underwriter—J. M. Dain & Co., Inc., Minneapolis.
Smithers & Co., N. Y., and Moroney, Beissner & Co.,
Tucson Gas, Electric Light & Power Co.
Inc., Houston. Note-^This company formerly was named
April 11, 1962 filed 486,111 common, being offered for
Texas Electro-Dynamics Capital, Inc.
subscription by stockholders on the basis of one share
Therniotronics Corp., Inc.
for each 10 held of record May 11, 1962, with rights to
March 30, 1962 filed 100,000 common. Price—By amend¬
expire May 28. Price—$20. Proceeds—For debt repay¬
ment (max., $10). Business—Development of electronic
ment and construction. Office
35 W. Pennington St.,
and
electrical devices used
in plumbing and heating
Tucson, Ariz. Underwriters—Blyth & Co., Inc. and First
fields and the manufacture of compact electric water
Boston Corp., N. Y.
heating units. Proceeds—For equipment, working .capi¬
®
Tujax Industries, Inc. (6/25-29)
tal and other corporate purposes. Office — 492 Grand
.
.
—
Blvd., Westburv. N. Y. Underwriter—J. B. Coburn Asso¬
ciates, Inc., N. Y.
V;'
:'-'1
Paper Converting Corp.
(6/11-15) *
Price—$4. Business
items. Proceeds—For
common.
paper
working capital/Address—Highway
3, Rio Grande, Puerto Rico. Underwriter—Meade & Co.,
v..,:./,'.1
Thompson Manufacturing Co., Inc*
by stock¬
Price—$4.. Business—Design and manufacture
special machinery for the paper industry and the
holders.
ing of
Jan. ,2,
1962
filed
175,000
Hotel
common.
Corp.
Price—By
amend¬
($10
mak.). Business—Hotel ownership and man¬
agement. Proceeds — For construction. Office — 525 N.
Sepulveda Blvd., El Segundo, Calif. Underwriter—Vickers;, MacPherson. & Warwick, Inc., N. Y. Offering—Tem¬
porarily postponed.
.
{
.
Top Dollar Stores, Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by
company and 100,000 by stockholders.
Price—$5. Business—Operation of a chain of self-serv¬
ice retail
stores
selling clothing, housewares, etc.
offered
Pro-
gas
turbine
engines. Proceeds—For debt
repay¬
ment, research and development, a new plant- and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
o
ment
Price
—
$3.
used
lyn, N. Y, Underwriters—Fabrikant Securities Corp. and
Karen Securities Corp., N. Y.
•
Unison
Electronics Corp.
(6/4-6)
30, 1962 ("Reg. A") K0,000 common. Price—$1.50.
Business
Manufacture of high-precision instrument
components for aircraft and missile guidance systems.
March
—
Proceeds—For
debt
capital. Office
—
repayment, equipment and working
1634 Marion St., Grand Haven/ Mich.
Underwriter—Gateway Stock & Bond, Inc., Pittsburgh.
•
United Camera
Exchange, Inc.
29, 1962 filed 105,000 common. Price—$3. Business
—Operation of retail camera stores. Proceeds—For ex¬
pansion and general corporate purposes. Office—25 W.
Jan.
St..
43rd
N. Y.
N.
Y.
Underwriter—M.
G.
Davis
&
Offering—Expected sometime in July.
United
Gas
Corp.
,
Co., Inc.,
.
(6/6)
May 14, 1962 filed $40,000,000 of first mortgage and col¬
lateral
bonds
Washington, D. C. Underwriter—Sandkuhl
& Co.,
Inc.,
Y.
bonds
(J. L.)
& Son,
(6/4-8)
Mar. 27, 1962 filed 120,000 common, of which 60,000 are
to be offered by company and 60,000 by a stockholder.
Price—By amendment
(max. $15)
Business—Sale of
Inc.
merchandise.
Proceeds — For general corporate
Office—East Main St., Scottsville, Ky. Under¬
writer—Bear, Stearns & Co., N. Y.
purposes.
Tyler Pipe & Foundry Co. (6/13)
25, 1962 filed 120,000 common. Price—By amend¬
Business—Design, development and manufacture
of cast iron products.
Proceeds—For selling stockhold¬
ers.
Office—Lindale Rd., Swan, Texas.
Underwriter—
Jan.
ment.
First Southwest
Co., Dallas.
due
1982./Proceeds
subsidiary
a
and
—
bank
prepay
To purchase
loans. Office
Fairfield Ave.,- Shreveport, La. -Underwrhers—
(Competitive). Probable bidders: Ealsey, Stuart & Co.
Inc.; First Boston Corp.-Harriman Ripley & Co., Inc.Goldman, Sachs & Co. (jointly); White, Weld & Co.Equitable Securities Corp. (jointly). Bids—June 6 (11:30
a.m.
EDST) in Suite 3023, 30 Rockefeller Plaza, N. Y.
Information Meeting—May 31 (10:30 a.m. EDST at Mor¬
gan Guaranty Trust Co., 60 Liberty St., N. Y.
United Investors
Dec.
of
1961
15,
shares
Waddell
United
Life
Insurance Co.
filed' 562,500
&
share
Reed,
for
Inc., parent,
each
associated
sons
sidiaries.
with
Price—By
the
be
parent
amendment.
by stockholders
the
on
Waddell
two
basis
shares
offered
472,100
which
of
common,
to be offered tor subscription
are
to
company
of
one
held.
The
certain
per¬
or
Business—A
its sub¬
legal re¬
life insurance company. Proceeds—For the account
Office—20 W. 9th St., Kansas City.
serve
of Waddell & Reed.
Mo.
Underwriters—Waddell
•
United Markets
Inc.
&
&
Reed, Inc., Kansas City,
Co., N. Y. Offering—In¬
(7/23-27)
March
15, 1962 filed 100,0UU common. Price—$5. Busi¬
ness—Operation of "Foodtown" supermarkets. Proceeds
—For general corporate purposes. Office—531
Ferry St.,
Newark, N. J. Underwriter—Moran & Co., Ne\rark, N. J.
Mar. 26, 1962 filed 450,000 common, of which 90,897 are
to
be offered
by the company and 359,103 'l?y stock¬
holders. Price—By amendment (max. $18). Business—
Operates
ment
hard
goods'
departments
Proceeds—For
stores.
debt
discount
in
depart¬
Office—19
St., Nugent Highlands, Mass. Underwriters—•
McDonnell & Co., Inc., and Oppenheimer & Co., N. Y.
Offering—Expected in early June
repayment.
Needham
•
United Packaging
Co., inc. (6/25-19)
filed 102,000 common. Price—$3. Business
packaging business. Proceeds — For new
machinery, debt repayment and working capital. Office
—4511
Wayne Ave., Philadelphia
Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y.
Nov. 29, 1961
—A general
U.
Electronic
S.
Publications,
Inc.
Sept.
26, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
books. Proceeds—Debt repayment, expansion and work¬
ing capital.
Office—480 Lexington Ave., N. Y. Under¬
8856 18th Ave.. Brooklyn.
writer—Douglas Enterprises.
United States
Realty & Inveslment Co.
filed 150,000 capital shares. Price—By
(max. $8). Business — General real estate.
Proceeds—For working capital. Office—972 Broad
St.,
Newark, N. J, Underwriter—H. Hentz & Co., N. Y. Offer¬
ing—Expected sometime in June.
March
30,
...
1962
amendment
•
U. S. Scientific Corp.
(6/18-22)
Mar.
22, 1962 filed 85,000 common. Price—$4. Business
—Company plans to merchandise and distribute a line of
products,
including
an
air vent cigarette
holder; a transistor ignition unit for automobile spark
plugs, and a small plastic capsule containing a chemical
to increase efficiency of spark plugs. Proceeds — For
consumer
equipment, inventory, advertising and sales promotion,
research, and working capital. Office—220 E. 23rd St.,
N. Y. Underwriter—Edward Lewis Co., Inc.. N. Y.
•
United Telephone
Services, Inc.
(6/11-15)
March
30, 1962 filed 150,000 class A common. Price—By
amendment (max. $5). Business—A
telephone holding
company. Proceeds—For debt repayment, equipment and
working capital. Office—645 First Ave.. N. Y. Under¬
writer—J.
R.
Williston
United Variable
&
Beane.
Annuities
N.
Fund,
Y.
Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
Offering—Expected
Turner
retail
trust
of
—1525
—Research, development and production and overhaul¬
N.
St., Lan¬
Internationa]
be
Price—$8.
March 2, 1962 filed 127,500 common. Price—$5. Business
caster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y.
Thundeibird
to
by company and 50,000 by stock¬
Business—Through its subsidiaries
the company is engaged in the wholesale distribution
of electrical supplies and equipment. Proceeds — For
debt repayment and working capital. Office—514 E. 73rd
St., N. Y. Underwriters—Richard Bruce & Co., Inc., and
Reuben Rose & Co., Inc., N. Y.
construction of bowling alleys. Proceeds—For
expansion
and general corporate purposes. Office—Canal
•
23, 1962 filed 150,000 class A shares, of which 100,-
are
Turbodyne Corp.
(6/4-8)
Dec. 22, 1961 filed 90,000 common, of which
8U,000 shares
are to be offered
by the company and 10,000
of
Mar.
000
holders.
debt repayment and
N. -Y.
(5/28)
common.
and
new
United-Overton Corp.
investment company.
Proceeds
Office—235 E. 42nd St., N. Y. Under¬
writer—Straus, BlosSer & McDowell, Chicago. •-
March 15, 1962 filed 70.000
—Manufacture of writing
oi
coin-operated
vending and recreational machines. Proceeds—For gen¬
eral corporate purposes. Office—250 Meseroie
St., Brook¬
Offering—rhdefihtt'eiy'jpdstponed.
business
—For investment.
Thom-Tex
Purchase
—
Inc.
73,500
Mo., and Kidder, Peabody
definitely postponed.
writer—Granbery, Marache & Co., N. Y.
expansion,
Sintsink
Underwriters—Bull
and
animated
•to
training aids and displays. Proceeds—For debl
repayment;
Service,
("Reg. A";
remaining 90,400 shares will
April 2, 1962 filed 100,000 common, of which 20,000 are
be offered by company and 80,000 by stockholders.
"of record May 15, with rights to expire June 4, 1962. •/
Price—By amendment (max. $10). Business—Operation
Price—$100 per unit ($100 of debentures and one war¬
of dry cleaning and laundry plants. Proceeds—For debt
rant to purchase 14 class A shares). Business—Design
repayment. Office—1167-65th St., Oakland, Calif. Under¬
the
1961
14,
.
—-
Technical
Uneeda Vending
Business
for scientific photography.
/cameras
trol equipment used in
•
•
Dec.
43
in August.
^ United Wholesale Druggists, Inc.
May 15, 1962 ("Reg. A") 2,772 common.
Price—$25.
Business—Drug wholesaling for distributors of Rexall
Drug Co. Proceeds—For working capital. Office—1120
Oakleigh Dr., Eastpoint, Ga. Underwriter—None.
Industries, Inc. (6/11-15)
filed 100,000 common snuies.
Price—$5.
Business
The importation and distribution of Italian
marble and mosaic tiles.
Proceeds — For the purchase
and installation of new moulds, machinery and equip¬
•
Universal
Aug.
7,
1961
—
ment, research and general corporate purposes.
Continued
on
Office—
page
44
44
Financial Chronicle
The Commercial and
(2480)
'
Continued
from
Mar.
250 Goffle Road, Hawthorne, N. J. Underwriter—Edward
Lewis & Co., Inc., N. Y. Note-—This company formerly
Aero-Dynamics
named
Corp.
Inc.
1
125,000 class A common. Price—$4.
Company designs, fabricates, installs and
Engineering Co.,
Video
43
page
A
26, 1962 filed
Business
—
services closed circuit television
systems. Proceeds—For
March 29, 1962 filed 150,000 common.
advertising, equipment and expansion.
Office—Riggs Rd. and First Place, N. E., Washington,
D. C. Underwriter—Mitchell, Carroll & Co., Inc., Wash¬
ment
ington, D. C.
was
Universal
<
debt repayment,
Telephone, Inc.
Price—By amend¬
Business—Operation of telephone
111., and Wis. Proceeds—For expan¬
sion and working capital. Office—2517 E. Norwich St.,
Milwaukee. Underwriter—Marshall Co., Milwaukee.
$5,625).
(max.
facilities in N. Mex.,
Urban
which provides 100%
a
Price—By amend¬
filed 100,000 common.
Business—Company operates the "Kellogg Plan"
single
financing and construction through
for renewing older residential properties.
source
Proceeds—For
debt
sales financing and
working capital. Office — 1959 S. LaCienega Blvd., Los
Angeles. Underwriter—Holton, Henderson & Co., Los
Angeles.
Urethane
repayment,
of
Texas, Inc.
Feb. 14. 1962 filed 250,000 class A and 250,000 common to
be
offered
units of
in
share of each
one
class.
Price—
Business—Manufacture
of
urethane
foams.
Proceeds—For
equipment,
working
capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas.
Under¬
$5.05
unit.
per
writer—First Nebraska Securities
Corp., Lincoln, Neb.
Utah Concrete Pipe Co.
Feb. 8, 1962 filed 110,000 common. Price
White
Feb.
facture and sale of classroom furniture,
folding banquet
Proceeds—For general corporate pur¬
tables and chairs.
the
installation
sale,
of
ing of background music. Proceeds—For tooling, pro¬
duction, engineering, inventory and sales promotion of
concrete
bacher
&
Co.,
Francisco.
San
Offering
Indefinitely
—
postponed.
•
U-Tell
Corp.
Sept. 18, 1961 ("Reg. A")
Business
Operation of
33,097
—
discount
a
Price
common.
—
department
$5.
store.
Office—3629 N. Teutonia Ave., Milwaukee, Wis. Under¬
writer
Continental Securities Corp., Milwaukee, Wis.
—
Offering—Imminent.
•
Vacco
Feb.
Valve
Co.
(5/29)
of
tors, Los Angeles.
Val-U Homes Corp. of Delaware
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated
buildings and build¬
ing components. Proceeds—For working capital. Office
River
St., Paterson, N. J. Underwriter
To be
—
Valu-Rack, Inc.
May 4, 1962 filed 200,000
to
be
offered
by
and
Office—2925
Underwriter—Garat
S.
&
San
Pedro.
Polonitza, Inc.
Vapor Corp.
Feb.
2, 1962 filed 156,762 common. Price
By amend¬
ment. Business—Manufacture of steam generators for
diesel locomotives; temperature control
systems for rail
—
cars, buses and aircraft; and door
rail passenger cars. Proceeds—For
Office—80
William
E.
Blair
Jackson
&
Co.,
Blvd..
control
Chicago
Chicago.
devices
for
selling stockholders.
Underwriter-
Offering
—
Indefinitely
postponed.
Vendex, Inc.
(6/18)
12, 1962 ("Reg. A") 300,000 common. Price
Business—Manufacture of coin operated vending
Jan.
—
Proceeds—For
an
$1.
repayment,
new
building and equipment and other cor¬
Wallace
Investments, Inc.
acquires, develops and sells land, and
the mortgage loan correspondent business.
Proceeds—For selling stockholders.
Office—1111 Hart¬
ford Bldg.. Dallas.
Underwriter—Harrtman Ripley &
acquisition and general cor¬
Bayshore Blvd., BurlinCoast
Securities
Co.,
Vending Components, Inc.
30,
1962
filed
100,000 common. Price—$4. Busi¬
ness
Manufacture, design and sale of metal valves,
mixers, taps, etc., for vending machines. Proceeds—For
expansion, new products and other corporate purposes.
—
Office—204
Railroad
Ave., Hackensack, N. J.
Co., Inc., N. Y.
writer—Keene &
Verlan
30,
to
be
holder.
Under¬
1962
filed
offered
Price
—
89,500
by
By
which
80,000
9,500 by a
(max. $5.50).
stock¬
common,
company
of
and
amendment
Busi¬
type
general
corporate
Airport,
•
Welcome Baby,
Inc. (6/4-8)
Dec. 28, 1961 filed 75,000 common. Price—$2. Business
—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
of retail stores. Proceeds—-For debt repayment and gen¬
eral corporate purposes. Office—210-07 48th Ave., Bayside, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp., N. Y.
Welsh
Panel
March 30, 1962 filed 135,000 common. Price—By amend¬
ment
(max. $9). Business—Company processes plywood
into factory finished wall panelling. ProceedsEquipment, inventories and working capital. Address—
P. O. Box 329 Panel Way, Longview, Wash/Underwriter
—Ferman & Co., Miami, Fla.
sheets
•
other
corporate
purposes.
Office
—
915
Electronics,
Inc.
West Falls Shopping Center
(6/11 -15) :
23, 1962 filed 150,000
:;,//
as
Golfit.
Proceeds
Price—$5. Business
common.
—
an
For
amusement
device
debt
repayment and
Bala Ave., Bala--
general corporate purposes. Office—1
Cynwyd, Pa..Underwriter—D. L. Greenbaum Co., Phila¬
delphia. Offering—In late July.
Video
Color
Corp.
April 6, 1962 filed 1,000,000
common. Price—$1.15. Busi¬
ness—Development, manufacture and distribution of pic¬
ture
tubes. Proceeds—For equipment, inventories and
working capital. Office—729 Centinela Blvd., Inglewood,
Calif. Underwriter—Naftalin & Co.,
Inc., Minneapolis.
■:
1
.
.
-
'
shopping center at Falls Church, Va.
Proceeds—For general corporate purposes. Office—1411
K St., N. W., Washington, D. C. Underwriter—Hodgdon
& Co., Inc., Washington, D. C.
a
Western
Lithographers, Inc.
1962 ("Reg. A")
120,000 common. Price—
$2.50. Business—General printing and lithography. Pro¬
ceeds—For
equipment, debt repayment, and inventory.
Springs, Colo. Under¬
writer—Copley & Co., Colorado Springs, Colo.
Western
Pioneer Co.
371,750 capital shares of which 175,000
are to be offered by the
company and 196,750 by stock¬
holders. Price—By amendment (max. $42). Business—
The making of loans secured by first liens on real estate.
Proceeds—For debt repayment. Office *— 3243 Wilshire
Blvd., Los Angeles. Underwriter — Kidder, Peabody &
Co., N. Y.
■'!
"•
•
Western States Real Investment Trust
Nov. 13, 1961 filed 32,000 shares of beneficial
Price—$6.25.
company.
Ursula
St.,
Business—A
Proceeds—For
Aurora,
Aurora, Colo.
1962
14,
I
«
filed $12,000,000
Wis. Underwriters—(Competitive) Probable bid¬
Halsey, Stuart & Co. Inc.; White, Weld & Co.Kidder, Peabody & Co. (jointly); Eastman Dillon, Union
Securities Corp.-Equitable Securities Co. (jointly); BIyth
& Co. Inc.-Lehman Brothers
(jointly); Kuhn, Loeb &
Co.-Salomon Brothers & Hutzler (jointly); Smith, Bar¬
son,
ders:
& Co.-Robert W. Baird & Co. (jointly). Bids—June
(11:30 a.m. CDST) at 20 N. Wacker Dr., (21st floor),
Chicago.
ney
13
Wolf
Corp.
of 6.5% convertible sub¬
(with attached warrants)
subscription by stockholders of class
A stock on the basis of $500 debentures for each 100
class A shares held. Price—$500 per unit. Business—
Real estate. Proceeds—For debt repayment and realty
acquisitions. Office—10 E. 40th St., N. Y. Underwriter
—S. E. Securities, Inc., 10 East 40th St., New York.
Jan.
1962 filed $4,500,000
26,
ordinated debentures due 1977
to
be
offered
for
Wolverene Aluminum
Corp.
(6/5)
March 5, 1962 filed 100,000 common. Price
—
By amend¬
(max. $6.50). Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
Colo.
small
business
investment.
new
building and equipment. Office—1650 Howard St.,
Mich. Underwriter—F. J. Winckler & Co.,
Lincoln Park,
Detroit.
Wear
Work
interest.
investment
Office—403
Underwriter—Westco
Corp.,
Corp.
26, 1962 filed 130,000 common. Price—By amend¬
ment (max. $27). Business — Manufacture and sale of
work clothing. Company is also engaged in industrial
Mar.
laundering and garment rental. Proceeds—For debt re¬
acquisitions and working capital. Office —
St., Cleveland. Underwriter—Hornblower
Weeks, N. Y.
payment,
1768
&
•
E.
25th
World Scope
(6/18-22)
Publishers, Inc.
July 31, 1961 filed 100,000 common shares and $350,000
of 6% senior conv. subord. debentures due 1972. Price—
$6; for debentures $90. Business—Publishing
encyclopedias and other reference books. Proceeds
•—For debt repayment, working capital and other cor¬
For stocks:
of
porate purposes. Office—290 Broadway, Lynbrook, N. Y.
Underwriter—Standard Securities Corp., N. Y.
Worth
(5/28-6/1)
Feb. 19, 1962 filed
—Manufacture, lease and sale of
known
limited Partnership
Nov. 14, 1961 filed $444,000 of limited partnership inter¬
ests to be offered in 444 units. Price—$1,000. Business—
•
(6/13) /
of first mortgage bonds
due 1992. Proceeds—For repayment of bank loans, and
construction. Office—122 West Washington Ave., Madi¬
May
ment
Co.
Office—3407 N. El Paso, Colorado
Jan.
111.
Waterman Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business — The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital. Office—71 Saint Joseph St., Mobile, Ala. Under¬
writer—Shields & Co., Inc., N. Y. (mgr.). Offering—
Temporarily postponed.
payment
Broadway, N. Y. Underwriter—Searight, Ahalt & O'Con¬
nor, Inc., N. Y.
Victor
pur¬
Alton,
E.
St. Louis.
March '30,
other
and
airplanes.
various
Preparation and production of books, catalogues
printed material.
A subsidiary publishes
photography books. Proceeds—For expansion, debt re¬
ness
•
Wisconsin Power & Light Co.
Aviation*. Inc.--J 6/15) y~:t
—
Office—1005 First Ave., Asbury Park, N. J. Under¬
Co., Inc., N. Y.
writer—Amos Treat &
Oct. 30, 1961 filed 90,000 common, of which 60,000 are to
be offered by the company and 30,000 by a stockholder.
Development of
Publications, Inc.
March
and
poses.
Co., N. Y. Note—This registration is being withdrawn.
also repairs and services
For expansion and
poses.
Office—Civic Memorial
Underwriter—White & Co., Inc.,
Electronics, Inc.
28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate pur¬
in
Walston
Inc.
A")
("Reg.
Dec.
real estate loans,
engages
1961
20,
Winslow
Feb. 12, 1962 filed 400,000 common. Price—By amend¬
ment (max. $22). Business—Company makes short-term
ma¬
Office—1290
purposes.
game, Calif.
Underwriter—Pacific
San Francisco.
are
(5/28-6/1)
100,000 common. Price—$3.
Business—Custom compression, transfer and injection
molding of plastic materials.
Proceeds—For debt re¬
payment and general corporate purposes.
Office—180
Kingsland Rd., Clifton, N. J. Underwriter—Investment
Planning Group, Inc., East Orange, N. J. »
Wiggins Plastics,
Oct.
—
repayment.
St., Los Angeles.
March
(6/4-8)
shares. Price—By
Co., New Orleans.
Proceeds
company
$5. Business
ceeds—For debt
chines.
capital
cleaning and moth-proofing of rugs, furniture, etc. Com¬
pany also manufactures and
sells cleaning equipment
and supplies to franchise holders. Proceeds—For debt
plies;
of which 100,000 are
100,000 by stockholders.
common,
Wholesale distribution and retail
merchandising of health and beauty aids, housewares,
kitchenwares, wearing apparel and other goods.
Pro¬
—
porate
140,000
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
named.
Price
filed
porate purposes. Office — 2117-29 N. Wayne, Chicago.
Underwriter—Laren Co., N. Y.
common. Price—$4. Business
valves, and regulators for oil, chemical
and missile industries. Proceeds—For
acquisition of land,
equipment and working capital. Office—1445 Lidcombe
Ave., El Monte, Calif. Underwriter — California Inves¬
—765
Wiener Shoes Inc.
amendment. Business—Sale of franchises for on-location
12, 1962 filed 125,000
—Production
1961
industrial, commercial and household applica¬
selling stockholders. Office—7500
April 2, 1962 filed 80,000 common. Price — By amend¬
ment (max. $11). Business—Operation of a chain of shoe
stores. Proceeds—For debt repayment,
expansion and
working capital. Office — 808 Dakin St., New Orleans.
Underwriter—Howard, Weil, Labouisse, Friederichs &
Wade Wenger ServiceMASTER Co.
28,
Co.
Blvd., Pittsburgh. Underwriters—Eastman Dil¬
lon, Union Securities & Co., N. Y., Moore, Leonard &
Lynch, Pittsburgh and Reinholdt & Gardner, St. Louis.
Offering—Temporarily postponed.
for working capital. Office — 1230 E.
Wyndmoor, Pa, Underwriters — John
Joshua & Co., Inc., and Reuben, Rose & Co., Inc., N. Y.
•
$4.
Proceeds—For
tions.
its products and
Mermaid Lane,
Dec.
—
Thomas
and
(max. $10). Business — Manufacture and sale of
pipe, masonry products, corrugated metal pipe,
telephone conduit and miscellaneous concrete products.
Proceeds—For debt repayment and working capital. Of¬
fice—379 17th St., Ogden, Utah. Underwriter—Schwa-
ment
Price
30, 1962 filed 606,450 common. Price—By amend¬
Business—Manufacture of electrical heating ele¬
ments for
industrial
(Edwin L.)
Wiegand
March
(6/18-22)
servicing
and
common.
Wsdman
ment.
July 28, 1961 filed 100,000 class A shares. Price — $3.
Business—The manufacture of electronic test equipment,
commercial communications equipment and the furnish¬
75,000
(L. F.), Inc. (6/11-15)
27, 1961 filed 162,000 common, of which 102,OCO are
to be offered
by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and t;orking capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
(Competitive). Probable bidders: Merrill Lynch, Pierce,
& Smith Inc.; Stone & Webster Securities Co.;
Kuhn, Loeb & Co.-Ladenburg, Thalmann & Co.-Allen &
Co.
(jointly). Bids—June 5 (11 a.m. EDST) at One
Chase Manhattan Plaza (23rd floor), N. Y. Information
Meeting—June 1 (11 a.m. EDST) at same address.
By amend¬
—
•
Fenner
Electronics Corp.
("Reg. A")
1962
Oct.
Virginia Electric & PowerCo. (6/5V *
May 4, 1962 filed 650,000 common. Proceeds—For con¬
struction.
Office—Richmond
9, Va.
Underwriters—
Vcron
Lighting Co.
26,
—Imminent.
poses.
Office—15134 So. Vermont Ave., Los Angles.
Underwriter—Crowell, Weedon & Co., Los Angeles.
•
Thursday, May 24,1962
lighting fixtures. Proceeds—For debt repayment, equip¬
ment and working capital. Office—5221
W. Jefferson
Blvd., Los Angeles. Underwriter—Costello, Russotto &
Co., 9301 Wilshire Blvd., Beverly Hills, Calif. Offering
Business—Manu¬
$5.75).
(max.
.
Business—Manufacture and distribution of electrical and
April 20, 1962 filed 250,000 common, of which 50,000 are
to be offered by company and 200,000 by stockholders.
amendment
.
Whirlpool Corp.
April 25, 1962 filed 1,000,000 common. Price—By amend¬
ment (max. $30,125). Business—Manufacture and sale of
home appliances.
Proceeds — For selling stockholder
(Radio Corp. of America). Address — Benton Harbor,
Mich. Underwriter—Lehman Brothers, N. Y. Note—This
offering was indefinitely postponed.
I
'
Mfg. Corp.v-•
Price—By
Redevelopment Corp.
March 29, 1962
ment.
Virco
.
Financial Corp.
(6/11-15)
Mar.
22, 1962 filed. 61,000 common. .Price—$5. Business
—Financing of commercial accounts receivable. Pro¬
ceeds—For general corporate purposes. Office—114 E.
40th St.,
N. Y. Underwriter—D. A. Bruce & Co., N. Y,
Wynlit Pharmaceuticals,
Inc.
*
(6/18-22)* f«;
28* 1961s* filed 125,000 common,. Price—By amende
ment. Business—Development and manufacture of phar¬
maceuticals and medical products. Proceeds—For general
Dec.
corporate purposes. Office—91 Main
Underwriter—Andresen & Co., N. Y.
Zayre Corp. (6/4-8)
April 20, 1962 filed 475,000
Ko
St., Madison, N. J.
common,
pnmnanv
nnH
of which 175,000
300 OOO
Volume
Number
195
/ The Commercial and Financial Chronicle
6162
(2481)
Lehman
Price—By amendment (max. $20). Business—Op¬
of self-service department stores and apparel
specialty stores. Proceeds—For working capital. Office
—One Mercer Rd., Natick, Mass. Underwriter—Lehman
Brothers, N. Y.
ers.
eration
Zeckendorf
i
Properties Corp.
Florida
(6/4-8)
457,265
New York.
Zero
Mountain, Inc.
March 30, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of underground cold storage facil¬
ities/Proceeds—Expansion, debt repayment and working
capital.
Address—Box 594, Fayetteville/ Ark.
Under¬
writer—Don D. Anderson & Co., Inc., Oklahoma City.
prepare
similar to those you'll find hereunder.
Would
write
telephone
you
REctor
at
us
at 25 Park Place, New York
us
2-9570
or
7, N. Y.
Prospective Offerings
Baltimore
Electric
&
Gas
9, 1962 it was reported that this company plans
about $25,000,000 of first mortgage bonds in
the second half of 1962 or early 1963. Office—Lexington
and Liberty Sts., Baltimore 3, Md. Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
White, Weld & Co.-First Boston Corp. (jointly); Harri¬
man Ripley & Co., Inc.-Alex. Brown & Sons
(jointly).
issue
Boston Edison Co.
May 2,
1962 it
vote June 6
was
mortgage
(6/14)
that
reported
stockholders
are
to
approved,
the
stock
that
this
High
named.
Columbus,
St.,
.
O.
Underwriter—To
<!
Consolidated
Edison
Co.
of
office.
Information
Meeting
—
June
11,
1962
(10
a.m.
EDST)..
Consumers
Jan. 9,
1962 it
Power Co.
was
reported that this company plans to
sell about
$40,000,000 of securities, probably first mort¬
gage bonds, about mid-year. Proceeds—For construction.
Office—212 West Michigan Ave., Jackson, Mich. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; White, Weld & Co.-Shields & Co.
(jointly);
Harriman Ripley & Co. Inc.-First Boston Corp. (jointly);
Morgan Stanley & Co.
>,
Creative Ventures Corp.
Mar. 5, 1962 this company
On
early
one
registration
common
of
150,000
reported that it plans
units, each consisting of
ness—A corporate guidance and interim
pany.
Proceeds—For general corporate
—New York
City. Underwriter
—
financing
purposes.
com¬
Office
Hampstead Investing
Corp., N. Y.
Delaware Power & Light Co.
March 9, 1962 it was reported that the company has post¬
poned until early Spring of 1963 its plan to issue addi¬
tional common stock.
The offering would be made to
stockholders first
on
the basis of
each 10 shares held. Based
on
the number of shares out¬
common
one
share for
standing on Dec. 31, 1961, the sale would involve about
418,536 shares. Proceeds—For construction. Office—600
Market St., Wilmington, Del. Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
W. C. Langley & Co.-Union .Securities Co.
(jointly);
Peachtree
share-for-share
ex¬
of the stock.
Price
About $20 per
—
November., Office—270
Peachtree
Nov.
7.
Probable bidders: First Boston
Corp.; Morgan Stanley &
Co.; Halsey, Stuart & Co. Inc. Bids—Expected July 10
at 195
v.;::.
28,
Feb.
was
Power
$25,000,000 of this, in the form of a debt
issue, will be sold in the second half of 1962. Office—
615
due
re-
issues
of
of
preferred
common
were
sold
May 9, 1956
on
privately. The last sale
made through Blyth &
was
Co., Inc.
•
Nashville RR
42nd
St., N. Y. Underwriters—(Competi¬
tive.). Probable bidders: Halsey, Stuart & Co. Inc.; Salo¬
noon
Brothers
& Hutzler. Bids
EDST)
at the company's
—
Expected June 13
last
on
sale
a
of
de¬
negotiated
1992.
was
(Minn.) 6/12)
reported that this company in¬
$15,000,000 of 30-year first mortgage bonds
Proceeds—For
expansion.
Office—15
So.
5th
Norton
a.m.
Chicago. Information
EDST) at Schroder Trust
Co.
Jan. 17, 1962 it was reported that this
closely held com¬
pany had postponed until at least the second
quarter
of 1962 its original plan to make a
public
1
offering of
its stock, due to the inability to obtain
a favorable tax
ruling from the IRS. Business—Manufacture of various
abrasives and cutting machines. Office—New Bond
St.,
Worcester, Mass. Underwriters—Paine, Webber, Jackson
&
Curtis and
Pan
Goldman, Sachs & Co., N. Y.
American
World Airways,
Inc.
Oct. 30, 1961 it was reported that the CAB had
approved
the company's plan to sell its
400,000 share holdings of
National Airlines, Inc.
However, it said Pan Am must
start selling the stock within one
year and complete the
by July 15, 1964. The stock was originally obtained
a
Sept. 9, 1958 agreement under which the two
under
(6/13)
May 23, 1962 it was reported that this road plans to sell
about 6,450,000 of 1-15 year equipment trust certificates.
Office—220 E.
1962 it
Meeting—June 7, 1962 (11
Co., 57 Broadway, N. Y.
sale
Louisville &
The
Room 1100 at 231 So. La Salle
St.,
Supply Co.
20, 1962 it was reported that this utility plans
to sell $3,000,000 of mortgage bonds and
$2,000,000 of
debt
be named.
16, 1960 was handled
Co., Inc., N. Y.
St., Minneapolis. Underwriters—(Competitive). Probable
bidders: Halsey, Stuart &
Co.; Merrill Lynch, Pierce,
Fenner & Smith Inc., Peabody &
Co., and White, Weld
& Co. (jointly); First Boston
Corp. and Blyth & Co.,
Inc. (jointly). Bids—June
12, 1962 (10 a.m. CDST) in
Jamaica Water
—
19,
tends to sell
111. Under¬
on May
21,
Proceeds—For
Nov.
Northern States Power Co.
March
March
stocks.
on
basis by Blyth &
Co.
common
Underwriters—To be
July 14, 1960, was
Other bidders were:
on
borrowing. Office—2223 Dodge St., Omaha,
Underwriter—To
bentures
made
and
short term
Neb.
through First Boston Corp. Other bidders
were:
Halsey, Stuart & Co. Inc.; White, Weld & Co.Merrill Lynch, Pierce, Fenner &
Smith, Inc. (jointly);
Eastman Dillon, Union Securities &
Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly).
preferred
111.
bonds
1962 it was reported that the company's 1962
expansion program will require about $40,000,000 of
external financing to be obtained
entirely from long
or
payment, and construction. Office
161-20 89th Ave.,
Jamaica, N. Y. Underwriters—To be named. The last
sale of bonds on May 3, 1956 was made by
Blyth & Co.
Other bidders were: Halsey, Stuart & Co.
Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several
of
Northern Natural Gas Co.
Co.
Decatur,
Bellwood,
sale
Feb. 28,
for
Feb. 28, 1962 it was reported that this
utility expects to
sell $25,000,000 of debt securities in late 1962 or
early
1963. Office—500 South 27th St.,
was
last
by First Boston Corp.
Halsey, Stuart & Co., Inc.; Blyth & Co., Inc-Equitable
Securities Corp. (jointly);
Glore, Forgan & Co.
reported
writers—To be named. The last sale of bonds
Ave.,
The
handled
Co.
Inc.; and Blyth & Co., Inc.-First Boston Corp.Lazard jFreres & Co. (jointly).
Bids—Expected in June.
Power
Eastern
named.
(Competitive.)
Probable bidders: Lehman
BrothersDillon,
Union
Securities
&
Co.-Salomon
& Hutzler (jointly);
Kidder, Peabody & Co.Equitable Securities Corp. (jointly); Halsey, Stuart &
Illinois
28, 1962 it was reported that the company expects
$125,000,000 to finance its 1962-66 construction
raise
program. About
^V
Lighting &
1962 it
Broadway, N. Y.
Northern Illinois Gas Co.
Bldg.,' At¬
Registration—Scheduled
advances from A. T. & T., parent company. Office
St., Boston. Underwriters—(Competitive)
repay
—185 Franklin
Eastman
mon
share and 1/5 warrant. Price—$2.25. Busi¬
Office—270
Brothers
1958
York, Inc.
(6/19)
April 25, 1962 it was reported that the company plans
to issue about $100,000,000 of mortgage bonds in June.
In 1963 the company expects to do about
$168,000,000
of financing, partly
to refund $125,500,000 of bonds.
Office—4 Irving Place, New York. Underwriters—(Com¬
petitive). Probable bidders on the bonds: First Boston
Corp.; Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.
Bids—Expected June 19 (11 a.m. EDST) at company's
November.
that this company plans
$30,000,000 of first mortgage bonds due 1992. Of¬
fice—900 Fannen St., Houston, Tex. Underwriters —
|
New
in
to sell
be
.v.
in
Houston
Mar.
newly formed
■
,
,
divest themselves
to
Oct. 5.
Small Business Investment Co., plans to sell $10 to $20
million of common stock in the late spring.
Office—297
South
bonds
Bids—Expected
Columbus Capital Corp.
reported
a
change of 400,000 shares and the lease of each others
jet
planes during their respective busiest seasons. The CAB
later disapproved this
plan and ordered the airlines to
Underwriters—(Competitive). Probable bid¬
Blyth & Co., Inc.; First Boston Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Lehman Brothers.
Smith, Inc.-Lehman Brothers (jointly); Morgan
Stanley & Co.-W. E. Hutton & Co. (jointly); Halsey,
Stuart & Co., Inc.; Blyth & Co., Inc.-First Boston Corp.
(jointly); Eastman Dillon, Union Securities & Co.-White,
Weld & Co. (jointly). Bids—Expected June 21. Informa¬
tion Meeting—June 18 (11 a.m. EDST) at Irving Trust
Co. (47th floor), One Wall St., N. Y.
was
which the two carriers
agreed to
ders:
&
1961 it
proval of the Board and the SEC. The stock was or¬
iginally obtained under a Sept. 9, 1958 agreement under
lanta, Ga.
Cincinnati Gas & Electric Co.
(6/21)
April 17, 1962 it was reported that this utility plans to
sell $25,000,000 of 30-year first mortgage bonds. Office—
139 East Fourth St., Cincinnati.
Underwriters—(Com¬
petitive). Probable bidders: Merrill Lynch, Pierce, Fen-
11,
basis.
On Jan.
new
June 14.
Dec.
l-for-20
Georgia Power Co. (11/7)
12, 1962 Tt was reported that this subsidiary of
the Southern Co. plans to offer
$7,000,000 of preferred
bonds would be issued in midJune. Office—182 Tremont St., Boston. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Harriman Ripley & Co., Inc.;
White, Weld & Co.; Lehman Brothers. Bids—Expected
ner
a
Oct. 5.
to refund $15,000,000
of series G, 5% % first mortgage bonds due Oct. 1, 1989.
If
on
Bldg., Atlanta, Ga. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart &
Co., Inc.; Harriman Rip¬
ley & Co., Inc.; Blyth & Co., Inc.; Kidder, Peabody &
Co.-Shields & Co. (jointly); Equitable Securities
Corp.Eastman Dillon, Union Securities & Co.
(jointly); First
Boston Corp.; Lehman Brothers; Morgan
Stanley & Co.
Bids—Expected Nov. 7.
Registration—Scheduled for
the company's plan
on
shares
,
Co.
March
to
common
share. Proceeds—To repay a
$4,500,000 demand loan, and
Ave., Miami, Fla. Underwriter—To be de-....
other corporate purposes. Office—Miami
termined by competitive bidding. Probable bidders: Mer¬
International
Airport, Miami 59, Fla. Underwriter—Merrill
rill Lynch, Pierce, Fenner & Smith Inc. and
Lynch,
Kidder,
Nevada Northern Gas Co.
Peabody & Co. (jointly); Halsey, Stuart & Co., Inc.;
Feb. 28, 1962 it was reported that this
White^ Weld & Co.; First Boston Corp.; Blyth & Co., Inc.
subsidiary of
Southwest Gas Corp., plans to sell
$2,000,000 of common
Food Fair Properties, Inc.
stock. Office—2011 Las Vegas
Blvd., South, Las Vegas,
May 11, 1962 stockholders authorized the company to
Nev.
Underwriter—Eastman Dillon, Union Securities &
issue 756,000 shares of a new convertible
preferred stock
Co., N. Y.
which will be offered to stockholders
through subscrip¬
New England Power Co.
tion rights on a l-for-10 basis.
Price—By amendment.
May 8, 1962 it was reported that this utility plans to sell
Business—Development and operation of shopping cen¬
$12,000,000 of 30-year first mortgage bonds in Novem¬
ters. Proceeds—To retire
outstanding 6% preferred stock
ber, 1962. Proceeds—For debt repayment and construc¬
and purchase up to
$6,000,000 convertible debentures of
tion.
Office—441
Stuart St.,
Boston.
Underwriters—•
Major Realty Corp., an affiliate. Office—223 East Allege
(Competitive). Probable bidders: Halsey, Stuart & Co.
hany Ave., Philadelphia. Underwriter—To be named.
Kidder, Peabody & Co.-White, Weld & Co. (jointly);
The last rights offering in December 1957 was under¬
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.written by Eastman
Dillon, Union Securities & Co.,
Lehman
Brothers-Equitable Securities Corp. (jointly);
New York.
First Boston Corp.;
Kuhn, Loeb & Co.
Georgia Power Co. (11/7)
New EngSand Telephone &
:>'.■>1'^t
Telegraph Co. (7/10)
On Jan. 12, 1962 it was reported that this
subsidiary of
May 16, 1962 it was reported that this company plans
the Southern Co. plans to offer
$23,000,000 30-year first
to sell $50,000,000 debentures due
2002. Proceeds—To
item
an
additional
—25 S. E. 2nd
ATTENTION UNDERWRITERS!
can
—
Brothers,
City (managing).
National Airlines, Inc.
May 8, 1961, it was reported lhat the CAB had
approved
the company's plan to sell
publicly 400,000 shares of
Pan American World Airway's
Inc., subject to final ap¬
New York
Florida Power & Light Co.
•
Sept. 18, 1961, it was reported that the company may is¬
sue $25,000,000 of bonds in the second half of 1962.
Office
Do you have an issue you're planning to register?
Our
Corporation News Department would like
we
(jointly).
Co.
St., South, St. Petersburg, Fla. Under¬
writers—To be named. The last rights offering of com¬
mon on May 4, 1959 was underwritten
by Kidder, Pea-<
body & Co., and Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y. Offering—Expected in October, 1962.
general corporate purposes. Office—383 Madison
Ave., N. Y. Underwriter—Harriman Ripley & Co., Inc.,
that
Power
supplier to other Columbia Gas System companies.
It
is expected that the pipeline will be
financed in part by
public sale of bonds. Underwriter
Lehman
Office—101 Fifth
—For
so
First Boston Corp.; White, Weld &
(jointly); Kidder, Peabody & Co.-
Co.
&
March 19, 1962 it was reported that this
company plans
to offer stockholders the right to subscribe for about
March 30, 1962 filed 100,000 class B common. Price—By
amendment (max. $16). Business—Real estate. Proceeds
to know about it
Brothers;
Co.-Shields
Merrill Lynch, Pierce, Fenner & Smith Inc.
45
(12
office.
Merrimac-Essex Electric Co.
May 9, 1962 it was reported that this-subsidiary of New
England Power Co., plans to merge with two other com¬
panies in July after which it will issue $20,000,000 of
first mortgage bonds. Office —1 441 Stuart
St., Boston.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Kidder, Peabody &
Co.-White, Weld
& Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith
Inc.-Eastman Dillon, Union Securities & Co.
(jointly);
First Boston Corp.
Monterey Gas Transmission Co.
April 24, 1961 it was reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New Jersey,
and Lehman Brothers, had formed this new
company
to transport natural gas from southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
carriers agreed to a share-for-share
exchange of 400,000
shares and lease of, each other's jet
planes
respective busiest
seasons. The CAB
this plan and ordered the airlines to
of the stock. Office—135 East 42nd
later
during their
disapproved
divest
themselves
St., N. Y. Under¬
writer—Merrill Lynch, Pierce, Fenner & Smith Inc.
Panhandle
Eastern
Pipe Line Co.
^
it was reported that this company ex¬
pects to sell about $72,000,000 of debentures sometime in
1962, subject to FPC approval of its construction program.
Office—120 Broadway, New York City. UnderwritersMerrill Lynch, Pierce, Fenner & Smith
Inc., and Kidder
March
8,
1961
Peabody & Co., both of New York City (mgr.). Offering
—Expected in the fourth quarter of 1962.
Pennsylvania Power & Light Co.
Feb. 20, 1962 Jack K. Busby, President and C. E.
Oakes,
Chairman, stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.
Proceeds—For construction and the retirement
000,000
of
$17,-
of
maturing bonds. Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
Continued
!
I
on
page
46
46
The Commercial and Financial Chronicle
(2482)
Continued from page
1962
45
sale
last
bonds
of
1961 was won at com¬
Nov. 29,
on
Southern
bidding by White, Weld & Co., and Kidder,
Peabody & Co. Other bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel & Co. (jointly).
petitive
sell
to
about $8,100,000
Department Stores—Report
—Purcell
&
Co., 50 Broadway,
Klein
York 4, N. Y.
New
Company Inc.—Analysis
Sherrerd, 1500 Wal¬
Koppers
—Butcher &
St., Philadelphia 2, Pa. Also
available are analyses of Krylon,
nut
Trans¬
Gas
Tennessee
and
Inc.,
Memorandum —
Yarnall, Biddle & Co., 1528 Wal¬
nut St., Philadelphia 2, Pa.
Inc.
Krylon,
—
Corp.—Report—Flomenhaft,
& Co., Inc., 63 Wall St.,
Lido
Seidler
York
New
Inc.—Report
International
Linco
Warren
L.
—R.
5, N. Y.
& Co., 818
Olive
St., St. Louis 1, Mo.
dum—J.
Union
Bradford
C.
&
Co., 414
St., Nashville 3, Tenn.
Ling-Temco-Vought
Analysis-
Co., Inc., 85 State St.,
Mass. Also available are
&
Colby
—
Boston 9,
reviews of General American Oil
Scovill Manufactur¬
of Texas and
ing.
Co., Inc., 464
Drive,
Beverly
"So
Water
Shawinigan
Power
&
Report
—
stake in
Weil, Labouisse, Friedrichs and Company, 211 Carondelet St., New Orleans 12, La. Also
available
are
reports on Delta
Howard,
or
Square
Ohio
Murray
Manufacturing —
Allyn & Co.,
Memorandum—A. C.
122 South La Salle
St., Chicago 3,
Illinois.
our
of life. And
dividuals
Company.
tenths of
and
Standard Oil of California—Anal¬
—Arnold
Malkan
(Florida)
America.
&
Revenue
—Bulletin—Salomon
&'
These
the
are
owners
are
facts
the
President
randum—Laird, Bissell & Meeds,
duPont Building, Wilmington 99,
randum
Corp.
Wagenseller
—
—
Memo¬
&
Durst
Inc., 626 South Spring St., Los An¬
geles 14, Calif.
Building
Old
Republic
Life
Insurance
—
Memorandum—Fahnestock
135
South La Salle
& Co.,
St., Chicago 3,
Illinois.
NEW
Company
—Analysis—Hornblower & Weeks,
1
Chase Manhattan Plaza, New
York 5, N. Y.
Pabst Brewing
-
—
Memorandum
—
Saunders, Stiver & Co., Terminal
Tower, Cleveland 13, Ohio.
Pacific
Power & Light Company
Analysis — First California Co.,
Inc., 300 Montgomery St., San
Francisco 20, Calif.
—
Pioneer Texas
Corp.
—
Memoran¬
dum—Schneider, Bernet & Hick¬
man, Inc., 1505 Elm St., Dallas 1,
Texas. Also available is
randum
a
memo¬
National Tank.
on
Pittsburgh
view
Plate
Glass
—
available
is
a
review of Atlantic
Coast Line Railroad.
Pittston
—
Memorandum
&
80
York
Co.,
5, N. Y.
Port
of
York
Booklet
sues
—Pershing & Co., 120 Broadway,
New York 5, N. Y.
/ ;
Union
Trust
Life
Insurance
—
New
Pine
Inc., 134 South La Salle St., Chi¬
cago 3, 111.
—
Esta-
St.,
New
Authoritycovering outstanding is¬
Loewi &
Co., Inc., 225 East Mason
St., Wilwaukee 2, Wis. Also avail¬
able
Instrument
tin—DeMott
Co.—Bulle¬
Associates, 600 Old
Country Road, Garden City, N. Y.
Pacific.
&
on
Great
.
Distributors, Inc. —
Analysis—Stern Brothers & Co.,
1009 Baltimore Ave., Kansas City
5, Missouri.
Waterous
Equipment
Limited
—
Review—Equitable Brokers Ltd.,
60
Yonge St., Toronto 1, Ont.,
Canada.
A.
fices
11
rities and Investment Corporation
City,
is
conducting
from
offices
Officers
dent;
are
securities business
a
at
5670
Bill
Richard
East
G.
Also
of
available
International
is
a
re¬
Xerox
Air
—
to
Wall
.
••
Street
Falk
has
a
BROOKLYN,
N. Y.—Samuel D.
Greene has opened offices at 1989
East 14th Street to conduct a se¬
curities business.
'
^
"
T. Magistrado Opens
N.
Associates
been
formed
from
offices
H. Nussbaum
Lynch, Pierce, Fenner & Smith,
Inc., 70 Pine St., New York 5,
BAYS ID
New
Nussbaum
York.
at
250
Y.—Sandler
N.
Opens
Y.—Helmut
Z.
Kelly.
Both
were
80
at
business.
Wall
Officers
Marken,. President,
Cipris, Vice-President.
formerly with Thomp¬
& Co.
./
.
.
-
/
...
Investors
with
Corp.
offices
securities business.
at
in
Ralph Sand-:
KENNEWICK,
Wash.—P a c if i c
Company has /opened
Northwest
a
branch
office
313
at
North ;Ely
Street with Charles B. Simenstad
as
Resident
President, and Harvey Falk,
Secretary
and
Treasurer.;,
Mr.
Falk was formerly with
Weinberg,
Ost & Co,
Manager.
branch
Equity Research Inc.
HOUSTON,
search,
Ariz.
has
office vat
—
Powell
opened
a
12246—111th
Keystone Sees. Opens
offices
Texas—Equity
"Re¬
Inc. has been formed with
in
the
in
engage
Officers
are
President
Medical
Towers
securities
a
and
Charles
to
business.
L.
Epps,
Treasurer; Dawn
Epps, Vice-President; and Robert
Cox, Secretary. Mr. Epps -was
R.
formerly proprietor of Charles L.
Epps & Co., with which Mr. Cox
was
also associated.
(Special to The Financial Chronicle)
New Orvis Office
LOS
ANGELES, Calif.—Keystone
Securities, Inc. has been formed BLYTHEVILLE, Ark.—Orvis
with offices at 3450 Wilshire Blvd.
Bros.
to engage in a securities business.
office at 110 South Second
Street
Officers
Bain, Presi¬
under the
James
dent; Stanley Rowen, Vice-Presi¬
dent;
and
August
G.
Carloni,
Secretary-Treasurer.
S. Shields.
are
Joe
D.
&
Co.
has
opened
management
a
of
branch
Forms Calumet Investments
P. Sheridan
Opens
Bennett Taylor
Opens
MARTINSBURG, W. Va.—Bennett
CHICAGO, Ind.—Robert M.
conducting a securities
Mitchell is
business from offices at 1820 East
Columbus Drive under the firm
dan
Y.—Patrick P. Sheri¬
conducting
a
securities
Taylor has opened offices at 1304
name
He
business from offices in the Hotel
West King to engage in a securi¬
Mr.
Troy.
ties business.
Sincere and
Co., Inc.
Co., Inc. has been
offices
E.
Olsen has joined Western Reserve
Securities Co., Terminal Tower.
sell &
of
J
•
with
and Morris
EAST
CLEVELAND, Ohio —Edward D.
formerly with J. N. Rus¬
Purchase
908
management
64-47 Bell Boulevard.
(Special to The Financial Chronicle)
was
at
the
Pacific N. W. Branch:
&
Avenue under the management of
Dean C. Mays.
/:
is engaging in a secu¬
business
from
offices
at
rities
Joins Western Reserve
E,
management
Sirch, Jr. J
office
John
are
son
-
Branch Office Opened
Lines
Merrill
a
ler is
BROOKLYN, N. Y.—Tim Magis¬ YOUNGSTOWN,
trado is engaging in a securities McGowan,
Inc.
Washington Avenue.i
r
151 Nostrand Avenue to
engage
Samuel Greene Opens
Utilities
—
the
under
securities
a
Sandler & Falk Open
Dean, Presi¬
D.
retary-Treasurer.
business
•.
the
Form J. E. Marken Go.
in
securities
a
•
Na¬
under
Street, New York City to engage
In Securities Business
Memorandum
Building
under
Paul B.
opened' of¬
in
Selma
BEDFORD, Mass.—Harding
& Co., Inc. has opened a
branch
Broadway, New York
engage
business.
has
the
Evans.
N.
Y.—Claire
S.
Inc.—Analysis BROOKLYN,
Neuman is
engaging in a secu¬
—Wood, Walker & Co., 63 Wall
rities business from offices at 1452
St., New York 5, N. Y. Also avail¬
55th Street.
able is a report on Swift & Co.
Western
at
Wilkins, VicePresident; and Joe L. Oliver, Sec¬ BROOKLYN,
Corporation.
—John Nuveen &
Co., 5 Hanover
Square, New York 4, N. Y.
memorandum
a
Volume
a
computation of the
life of each of the issues
Precision
is
Atlantic
with
average
Harvey
Secu¬
DENVER, Colo.—Universal
Universal Foods—Memorandum—
view
Co.—Re¬
Fahnestock
&
Co., 65
Broadway, New York 6, N. Y. Also
brook
Tool—Memorandum
>
Tulloch
to
H. A. Wall Opens
(Special to The Financial Chronicle)
Power
Memorandum—Divine & Fishman,
Overnite Transportation
Universal Sees. & Inv.
the
'
Harding Tulloch Office
;r.
formed
Corp.
Thor
in
J. E. Marken &
Garrett
on
in
Building.
branch office in the Lewis Tower
<
bulletin
offices
Planning Company has opened
Texaco
a
office
of Francis J.
>.
i
Scott Planning Office.
Delaware.
available is
-
PHILADELPHI A,: Pa.—Scott
—
National Propane
from
Bank
memory.
Inc.—Analytical brochure
Harris, Upham
&
Co.,
120
Broadway, New York 5, N. Y. Also
'
direction of Sterling P. Rainer.
States Steel."
seems
/
.
l%v of the total stock.:
of United
B., Millar
Berney Perry Office
branch
tional
two-
as
Launce
Ave.
business.
SELMA, Ala.—Berney Perry &
Company
has
opened .a
new
forget
when he talks of "considerations of
private profit."
There are others who have similar
lapses of
Industries—Memo¬
Freez
much
as
—Roger Miles Blough, Chairman of U. S.;:Steel.
New York.
Tastee
owns
are
Professional
New
are
in all walks
one. of these in¬
no
securities
business
Bellair
,//'.■ ■■■•'.r1; -'.
-
"These
Bonds
Brothers
shares
our
a
E. S. Lindo Opens
ties
by pen- ;
funds, insurance companies,
charitable and educational
institutions, investment
companies and trustees representing the direct or
indirect ownership of
large numbers of people in
Co., Inc., 26
Broadway, New York 4, N. Y.
Tampa
of
with offices
Manchester
DAYTONA BEACH, Fla.—Edward
S. Lindo is engaging in a securi¬
'
•'./>■
•
North
Charles V. Fox.
;
sion
D.
Publications—Memorandum
TFH
and
Most of the rest is held
Roger M. Blough
Jones & Co.,
300 North Fourth St., St. Louis 2,
Mo. Also available is an analysis
on Weyerhaeuser.
conduct
enterprise, directly
half
Exploration
Co. and Southwest Gas Producing
Drilling
246%
can
b;:vWd by individuals
Steamship, Jahnke, Canal Assets,
Ocean
been formed
at
to
Principals
forget its obliga¬
indirectly.
"Over
Millar,1 Fox Opens
/
Co. has
United States Steel, who
responsible-, to more than
325,000 stockholders, forget the
many Americans
who 'have a
—
Magaril
ANAHEIM, Calif.—Millar, Fox &
;
are
Co., 211 South Broad St., Phila¬
delphia 7, Pa.
I.
(Special to The Financial Chronicle) /
in
we
Co.
—Analysis—Gerstley, Sunstein &
Inc.
; •
Corp.
tions to these investors. Nor
Hutzler, 60 Wall St., New York 5,
Garden—Analy¬
sis—Sprayregen, Haft.& Co., 26
Broadway, New York 4, N. Y.
Madison
nation cannot afford to
our
-
—
"Only when people save and invest their money in
tools oi production can a new productive
job be
brought into existence.
'
Hills, Calif.
ysis— Edward
Lincoln National Life—Memoran¬
•
&
Bedford
Southdown,
Company.
mission
Winston
Jay,
North
Ltd.
Bay St., Nassau, Bahamas. Underwriter—J.
Co., Inc., N. Y. ■' -v:•p
./ I.--
Owners of U. S. Steel
Analysis —Thomas
—
.
.
Windjammer Cruises,
April 18, 1962 it was reported that the
company plans
to register 90,000
ordinary shares. Price—$4. Business—
Operation of "Windjammer" sailing ship cruises. Pro¬
ceeds
For acquisition of additional
vessels. Office —
(6/6)
reported that the company plans to
May 2, 1962 it was
tell, Inc., 50 Broadway, New York
4, N. Y.
Rocket Jet
:
•
United Gas Corp.
Inc.—Analysis—Pis-
Sav-A-Stop
Broadway, New
Co., Inc., 50
York 4, N. Y.
of 1-15 year equipment trust cer-
,
Co.
that this company plans
to stockholders in late
Continued from page 8
—
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; Salomon
Brothers & Hutzler. Bids—Ex-/
pected June 6 (12 noon EDST).
•
Dealer-Broker Recommendations
&
1962 it was reported that-this company plans
to sell $15,000,000 of bonds.
Office—1100 H .St., N. W.,
Washington, D.
C.
Underwriters
(Competitive.)
Probable bidders: Eastman.
Dillon, Union Securities- &
Co.; Equitable Securities Corp.; Kidder, Peabody & Co.;
First Boston Corp.; and
Halsey, Stuart & Co. Inc. BidsExpected in May,
••
—
ti¬
Office—165 Broadway, N. Y. 'Under-
tificates in June.
,-v;V •/:
y
Gas Light Co.
Mar. 28,
&
May 2, 1962 it was reported that this company plans to.
Corp.,
St., Denver, Colo. Underwriters — First Boston
Blyth & Co., Inc., and Smith, Barney & Co., Inc.
Diego Gas & Electric
Washington
(6/6)
Southern 'Pacific Co.
$40,000,000 of first mortgage bonds due 1982. Office
Fairfield Ave., Shreveport, La.
Underwriters—
June 6. (11:30 a.m;,EDST).
tration-—Scheduled for Nov. 1.
through subscription rights during the fourth quar¬
1962 or the first quarter of 1963. Office—900 15th
19, 1962 it was reported
sell about 500,000 common
& Smith Inc.-Blyth
Fenner
Pierce,
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly),
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis-
ter of
San
Lynch,
Thursday, May 24, 1962
.
(Competitive). Probable bidders: Halsey/ Stuart & Co.
Inc.; First Boston Corp.-Harriman < Ripley & Co., Inc.Goldman, Sachs & Co. (jointly); White, Weld & Co.Equitable . Securities Corp./(jointly).
Bids—Expected
'
(jointly);,
Inc.; White, Weld & Co.-Kidder, Peabody & Co.
Merrill
1962 it was reported that this company plans
to sell about $30,000,000 of common stock to stockhold-.
March
(ii/28)
Generating Co.
mortgage bonds in November. Office—600 N. 18th St.,
Birmingham, Ala. Underwriters — (Competitive) Prob-v
able bidders: First Boston Corp.; Halsey Stuart & Co.,
March 9,
ers
Electric
.
—1525
12, 1962 it was reported that this subsidiary oi
the Southern Co. plans to offer $6,500,000 30-year first
of Colorado
Co.
Service
sell
Office—801 Sixth Ave.
$17,500,000.
some
On Jan.
Puget Sound Power & Light Co. (6/27)
May 8, 1962 it was reported that the company plans to
sell $15,000,000 of preferred stock in late June. Proceeds
—To repay bank loans and finance construction. Office
—1400 Washington Bldg., Seattle, Wash. Underwriter—
To be named. The last sale of preferred stock in April
1959 was made through Blyth & Co., Inc., N. Y.
•
Public
raise
to
Diego, Calif. Underwriter—Blyth & Co., Inc., N. Y •
San
.
TROY, N.
is
T
of
Calumet
Mitchell
was
Investments.
formerly with
Company.
Volume 195
Number 6162
.
.
.
The Commercial and Financial Chronicle
The State of TRADE and INDUSTRY
ucts
are being shipped
at a rate
equivalent to 65% of the indus¬
try's capacity.
May shipments will total about
abeyance. If business has been
six million tons (vs. 6.8 million
somewhat tentative in its response
Continued from page 16
industry in the heat of the price
controversy
have been left
in
(2483)
enough inventory on hand to cai ry
them through a two-months steel,
strike; had one occurred.
Even though the early settle¬
of
ment
did
the
labor
steel
somewhat, the
lack of steel buying by the auto¬
motive group has hit the market
hard. The one major exception is
General Motors, which continues
to buy at a reasonable rate. Indi¬
cations
are
that GM,
riding a
strong sales wave, has boosted its
July schedules.
V,
tons in
April and 7.7 million tons
March). Second quarter ship¬
ments will be only 10 to 12% less
by the
than those of the first quarter de¬
Treasury that new tax rules liber¬
spite a probable decline of nearly
alizing depreciation schedules for
20% in ingot production.
industrial equipment will be is^
Producers tan ship more steel
But even that can't. save the
sued not later than July. The ad-.
than they can make this quarter
cold-rolled
sheet ' market
from
ministration, which earlier had
because they have big inventories
dropping
off
sharply.
Sheets,
promised such action as an en¬
of
semifinished
material
to which
had
been
the
strongest
couragement
to
modernization,
1
had intimated during the steel- process.
product during thfe buildup period,
At the user level, inventories of
have now fallen off badly. One
price flare-up that it might recon¬ hot
rolled and cold rolled sheets mill
sider the matter, at least so far as
says its new order rate for
are
30 far above normal that it sheets, is no better,
the steel industry was concerned."
than 30% of
may be three to four months be¬
capacity.
fore
the
adjustments are com¬
If other automakers wipe out
Bank Clearances Increase 2.4%
pleted.
Above 1961 Week
May orders, as is rumored, the
Like other steel buyers, service
sheet market may sag even fur¬
Bank clearings this week will centers
are
liquidating surplus ther. However, galvanized and
show an increase compared with inventories.
re¬
tinplate are seasonally strong.
a
year ago.
Preliminary figures
Linepipe producers got a big
production a#> 13-Month Low
compiled by the Chronicle, based
lift last week by the order from
on
telegraphic advices from the
Production of, steel ingots has
the Colonial Pipeline Co. The Or¬
chief cities of the country indi¬
slumped to a l|%nonth low, Steel ders totaled
305,000 tons. While
cate
that
for the week ended reported. It estimates last week's
this in itself is a major develop¬
Saturday, May 19, data from all output at 1.7
m$|ion tons, lowest ment, it may shake loose other
cities of the United States from since the week^iended
April 8, projects by tightening
supply.
which
it is possible to obtain
1961. This weekSs output is ex¬
weekly figures will be 2.4% above pected to be lower.
Second-Best May Auto
those for the corresponding week
Scrap's
slump
is
unchecked.
Output Predicted
last year. Our preliminary totals Steel's price
The nation's auto industry built
TOmposite on No. 1
stand
at
$33,014,053,981 against heavy
meltinggigrade declined its five-millionth 1962 model pas¬
$32,251,537,860 for the same week 66 cents to $26.67? a gross ton.
senger oar early this week, nearly
in
1961. Our comparative sum¬
to verbal reassurances,
it
may re¬
the
more
tangible
nouncement this
month
gard
as
an¬
the
in
tonnage
behind
previous
This
contract
Associations
Truck
2%
even
the blow
ease
Trucking
can
nounced.
the
week
of
week-to-week
ter, cottonseed oil, cocoa, steers
and hogs all were quoted lower,
Higher prices were rare, occur-
an-
was
an
volume
this
for
ring only in the wholesale
year,
decline
is
corn,
closely in line with the seasonal
These
findings
are
based
eral
the
on
of 34 metropolitan
areas conducted by the ATA Department of Research and Transport
fleets
.
carriers
of
general
.
of the principal
centers follows:
for
money
Week End.
some
(000s omitted)
,
1962
'
1961
%
$18,001,107 $17,667,991 +
Chicago
1,640,963
1,526,562 +
Philadelphia
1,365,000
1,262,000 +
Boston
942,544
957,293 —
Kansas City
594,840
553,178 +
„
Steel Production
1.9
7.5
8.2
1.5
7.5
data compiled by
| industry
is in¬
dollars
of the
.
May 12,
248,781,000
board
feet,
compared with 248,382,000 in the
prior week, according to reports
from regional associations. A year
figure
The statistical agency said that
more
than 30,000 new cars daily
being whisked off production
keep pace with record and
demand. Output cur¬
.§'$ v
rently is ^bein^oifset by sales, on
£re
reluctant
to an
industry basis. : r/ ^
directions
of
their ly Ward's, estimated
production last
opment.
Producers
are
lines to
near-record
•
the
petition
for
markets
com¬
within
the
155,642, is^is«than 1% '
at
week
below
the year's
weekly peak of
;0
Steel In¬ industry.
156,767 units built in the previous
They are looking for ways to session.
stitute, production for the week
Output for the correspond¬
hike profits and at the same time
ended May 19, 1962, was 1,662,000
ing period a year ago was 123,528.
keep
the
metal
competitively
t'oris (*89.2), -as against 1,765,000
Output for entire May, Ward's
priced with other materials. The
tons
(*94.7), in the week ended
said, will reach 660,000, a rise of
most
May 12.
'•
;
^
this
Production
through
year
19, amounted to 44,949,000
(*120.6); or 36.2%' above the
May
tons
period through May 19, 1962.
Institute ' concludes with
Production by Dis¬
for week
ended May 19,
The
r.
index of Ingot
tricts
1962,
follows:
as
"
t~
duction
The
••
"
talks
are
going
'
May 19,1962
.
83
The steel
maiket
until
new
its present
steel orders
auto
give it
85
Youngstown
74
Age reported May 22.
Cleveland
94
Southern
102
101
means-the
present
soon.
-
rate
Index
of
production
based
Steel Market
on
average
is
picks
up
industry
goes
through
almost
of most
immediate delivery
products', price softness in
products and
some
showing
21%
year
from
at
the
ware¬
house
level, more price cutting of
imported steel, intense competi¬
the
same
and secondrecord. May
ago
on
will also be. peak month for 1962
model making, and will see the
industry
overtake
5,408,625
cars
made in the 1961 model run.
Ward's says that the final 1962
model count will be about 23%
above the 1961 model figure.
Freight Carloadings 5.9% Above
Year Ago's Week
Loading
the
week
was
of revenue
freight in
May 12 totaled
the Association of
This
announced.
decrease of 3,484 cars
six-tenths of 1%
below the
or
was
a
preceding week.
helped
retail
ended
Wednesday,
thousands
weeks
of
board
feet
for
n
AitaH
ftAAr»A«ol
n
joyed
a
in
were
the
since
?Qling
ly£>a-
indicated:
M»y 5,
May 13,
1962'
1962
Production
248,781
Shipments
274,093
Orders
264,842
i96i
'
276 060
231251
272)586
214)284
from
3 to
11.5% Higher
Than in 1961 Week
The
of
amount
electric
energy
rate
a
bot¬
between
40
50% of shipping capacity. In
Midwest, they have rebounded
a little from the depressed levels
of late April.
The
pattern is not conclusive
yet, but there is enough evidence
to justify cautious optimism.
The adverse effects of
liquidation
some
in
being
are
inventory
offset
to
extent by seasonal uptrends
consumption
standard
of tin
plate
and
pipe. Galvanized sheets,
between
in
and roofing materials
are
still
exceeding
order entry, Steel says.
Mill prod-
are
every
or¬
signs indi¬
of
steel
is
distributed
by the electric light
industry for the week
ended Saturday,
May 19, was estimated at 16,008,000,000
kwh., according to the : Edison Electric
and power
Institute.
i
-l-
or
than
week's
kwh.
*
•-
-
that
total
and
563,000,000
was
««
more
vious
000
Output
---
kwh.
of
the
pre¬
of
15,445,000,1,656,000,000 kwh.,
South
1961
week.
Atlantic
The
full
impact
of
1961
and
the
Commercial and industrial failturned
slightly
the week ending
May 17
in the
preceding week,
Dun & Bradstreet, Inc.
up
lifted casualties
crease
above
the
303
a
store
toll
of
1939
stood
at
year
when
the
ago
and
the
42
to
287
topping
week
from 32
a
43
in
New
ended
than
more
1961
in
week.
May
the
For
sales
5,
when
York
week
with
week in 1961.
from 278 in the prior
Form Synco Sees.
Synco Securities Corporation is
conducting a securities business
Wholesale
Commodity Price
Continues Down
from offices at 527 Madison Ave-
The general wholesale commod-
1961,
£ue' ^ew York City. John M.
Bess ls a Principal of the firm.
Joins Bache Staff
(Special to The Financial Chronicle)
were
ended
13,783
one or
steel
of
May 5, 1962
included
in
that
cars
more
(which
were
week's over-all
^«the Daily Wholesale
Tonnage
Ahead
Last Year's Week by
of
8.6%
the
on
every
week
index
has
so
similar
date.
In
far this year, the
remained
lower
than
was
«
with Sutro &
Form Hvamc frvrr.
rorm nYams
Hyams
Corporation
to
continue
business
has
the
of
been
invest¬
Lawrence
Hyams, 80 John Street, New York
City.
_
A. S. Lapides Opens
^lvin
S.
Lapides is conducting
a
securities business from offices at
50 Broad street> New York
under
the
firm
name
of
city>
A.
S.
Lapides Company,
Talbot Brahms Formed
1 aiD°l *>rani"S rormea
Y.-Talbot
Inc. has been
formed with offices at 66 Court
BROOKLYN,
N.
ahead of the volume in the corre¬ were numerous this week; rye,
sponding week of 1961, the Ameri¬ oats, beef, hams, bellies, lard, but-
Street to engage in
business.
have
greater
the same
$100,000, which
It is recalled that automakers had
to
ended
3%
were
compared
the
4%
corresponding
the
Brahms Associates
suppliers
for
City for
12, were
May
Intercity truck tonnage in the last year.
week ended May
Declines in prices at wholesale
12 was 8.6%
their
increase
May
by automakers and
their suppliers is now being felt.
asked
in-
According to the Federal ReSystem
department store
week and 260 in 1961.
Prices
8%
an
ended
Board's
the four-week period ended May
12, 1962, sales were 10% above
the corresponding period in 1961.
serve
week of last year. An upturn also
occurred among casualties involvrose
week
pre-
week earlier and matched the
of this size in the
under
the
sales
Failures with liabilities
ing losses
dex reported
a
taken from
as
Reserve
>
on
the corresponding 1961 week. In
in
289.
$100,000 climbed to
Federal
12
sales
moderately
1960. About 14% more
businesses failed than in the simi-
war
South
reported
This in-
in
lar week
by
12, 1962,
compared with the like period in
1961. For the week ended May 5,
sales were up 15% compared with
occurring
comparable week
the 313
to 329 in
from 310
West
Week Ending May
country-wide basis
ures
levels
scrap^ steers and SAN FRANCISCO, Calif.—Eugene
reported tin moved considerably
lower at w rolpr and Michael C Phillin*
revenue
wholesale, offsetting the substan- have
become
affiliated
with
highway trailers or highway con¬
increases registered in
wheat, Bache & Co
<
235 Montgomely
tainers (piggyback) in the week
There
loaded with
Truck
inventory
year
Nationwide Department Store
Sales Up 8% From 1961 for
Department
Slight Rise in Business Failures
$5.86
Being Felt
a
Central +5 to +9.
11.5% above that of the compa¬
rable
Wholesale Food Price Index
Consumption
taled 231,901 cars for an increase
Dips Slightly
higher than the rate of shipments. of 40,260 cars or 21% above the
Construction markets are generat¬
Following
an
corresponding period of 1961, and
upturn in
the
ing new business for individual 44,061 cars or 23.5% above the previous
week,
the
Wholesale
steel products-^uto sales continue
corresponding
period
in
1960. Food Price Index> compiled by
good, although the high level of There were 59 class I U. S. rail¬ Dun & Bradstreet, Inc., edged
inventories or steel in the auto road
d°wn to $5 78 on May 22.
system^ originating this type
industry is th&?biggest single fac¬ traffic in this year's week com¬ Off 0.5% from the $5.81 registor depressingjhe market
tered
a
week ago, it also contoday.
pared with 58 one year ago and 52
in the corresponding week in 1960. tinued 1.4% below the 1961 level
Inventory Accumulation Now
of
cate.
accumulation
fairly good demand.
Shipments
for
outward
as
structurals, wide plates, electrical
steels,
mills
and other costs;
higher than
comparable
formed
out ;at
apparently
7%
the
following percentages: New
England and East North Central
+ 1- to +5; Middle Atlantic and
Pacific +2 to +6; East South Central and Mountain +3 to +7;
West North Central +4 to +8;
ment
tomed
have
cars
fastest
collected by Dun & Bradstreet,
Regional
estimates
varied
from
for the first 18 weeks of 1962 to¬
Orders
—
Inc.'
Electric Output
depressed
said this week.
tion
l~
seasonal boom. New
according to spot estimates
ag0'
the
magazine
week
trade in the reported week ranged
and
Steel
the
The total dollar volume of retail
May 12,
der, and some** shaving of extras
by the mills.
The
market i is
really not as
of firming,
in
May
16,
to
margin over
year-ago levels. Substantial gift
purchases were racked up not only
in such traditional items as candy,
Commodity Rice Index eased to
total). This was an increase of 271.14 from 271.23 a week earlier
2,028 cars or 17.3% above the cor¬ and was also Off from 271.89 in
responding week of 1961 and 2,976 the previous month. It
continued,
cars or 27.5% above the 1960 week.
however, to exceed the comparCumulative piggyback loadings able year-ago level of 268.22.
signs
trade
moderate
a
turrJ for *he better, while paints,
wallpaper, outdoor equipment en-
ity price level inched -down again
in the latest week,
dipping "the
but a decrease of 56,080 cars or
lowest in two and a half
months,
8.8%
below
the
corresponding
reports Dun & Bradstreet, Inc.
week in 1960.
corresponding week' in
buying
less, and orders 23.6%.
Following are the figures
^
Index
The loadings represented an in¬
crease of 32,520 cars or 5.9% above
spurt of
Compared with 1961 levels, output rose 1.7%, shipments 18.5%
corresponding
ended
583,925 cars,
American
Railroads
the
are
present, the national metalworking weekly -said. These in¬
clude
Shows Signs of
market
steel
orders
period of doldrums, all the
characteristics of an easy market
Firming; Pattern Not Yet
Conclusive
The
of
this
1959.
-
will
months
•
While the
weekly production for 1957
more
operating at around 60% of
capacity. It's likely the rate will
drop below that level, unless the
89.2
Total
industry
than two
more
of
90
Western
lift in August, The Iron
a
This
have
92
St. Louis
It
as
will probably
71
102
a
limp along at close to
Buffalo
Cincinnati
Bad
as
Pittsburgh
Chicago
now.
Looks
rate
115
on
key
Production for
than
more
month
best May volume
issues..
* Index of Ingot
Detroit
*
•
industry's labor
Steel Picture Nat
.
North East Coast—
i
-£
It is obvious that consolidation of
work and job
security will be
Week Ended
"
*
-
costs.
aluminum
contract
f
*
'f
•
•
likely route, the industry
believes, is to attack basic pro¬
to
food
cosmetics, handbags, blouses and
lingerie,
but
also
in
electric
244,655,000 housewares, china and glass. Activity in home goods took a slight
board feet.
,
programs because of intense
last-minute
hold
totaled
same
a
year ago, according
to Ward's Automotive Reports.
is
of
for Mother's Day plus heightened
interest in summer merchandise
A-
Lumber production in the United
States in the week ended
milestone
more
efficiently and less
expensively thah|at any time in
its history,
Steph reports. In the
past, the industry Jhas concentrated
more on
alloy and product devel¬
reveal
ahead
weeks
seven
resblirch time, talent,
on^ways to produce
more
American Iron and
the
:
Week
Against Previous
According to
and
Data for the Week
ijjEnded May 19, 1962, Shows 5.8%
Decline
aluminurh
the metal
*
'
May 19—
New
York
The
vesting
trend
k
.
A
Lumber Output 1.7% Above
1961 Level
'
-
.
mary
cost-of-living
function
general
Mother's Day Gives Push to
Retail Purchases
,
com¬
freight
throughout the country.
the
the
a
chief
prices at the wholesale level,
-
ago
sum
The
than 400 truck terminals of
mon
Its
show
report rehandled at more
tonnage
the
represents
It is not
use.
index.
survey
Economics.
index
cost of
potatoes,
total of the price per pound of 31
raw foodstuffs and meats
in gen-
years.
weekly
and
sugar
The
pattern found at this time in previous
47
a
securities
The Commercial and Financial Chronicle
48
„
.
,
(2484)
Thursday, May 24, 1962
the
Manoir
Murray
Richelieu,
Bay, Quebec.
WASHINGTON AND YOU
June
.
(Santa Barbara,
23-26, 1962
Calif.)
behind-the-scenes interpretations
from the nation's
TWIT CO.
Group of the Invest¬
Association of
America annual Conference at the
California
PLOOP CO.
ment Bankers
capital
Santa Barbara Biltmore.
*5
WASHINGTON, D. C.
On the
—
day of the hearings on the
tax bill before the Senate Finance
first
Committee
short time ago Sen¬
a
F. Byrd offered to bet
Secretary Douglas Dil¬
Treasury
government this
will be facing an¬
other deficit just as it is facing a
deficit on July 1 of this year.
lon
hat that our
a
time next year
'
Dillon,
who readily ac¬
knowledge that his Department
faces
some
big financial head¬
Mr.
aches, declined to wager the Vir¬
ginian. He did not mind losing the
price of
a
if he made
hat, but he knew that
a friendly wager with
$10
billion a year.
a
32
entire
$3 bil¬
the
ago
years
SNOODLE CO.
billion or more. No
tell.
can
one
Meantime,
Mr. Dillon regrets
it is going to be necessary
that
him
for
to
have
to
to
back
go
time
debt
Capitol Hill for the second
year and ask that the
limit be raised.
this
is $300 bil¬
The debt limit now
it
Senator
The Administration wants
lion.
raised
billion.
$308
to
"watchdog" of
Byrd, the longtime
Department will op¬
pose the increase, but he will be
voted down. Yet he serves a good
the Treasury
by trying to convince the
people of our country that it is a
"very bad and dangerous policy
for the United States Government
purpose
to
keep
and
on
the
raising
on
main¬
they
citizens,
tain.
the
neither
that
Government
States
with
contends
Byrd
Senator
logic
United
the
nor
free
This
country
cannot
continue to spend and spend, tax
tax, and borrow and borrow,
and
said he.
is discussion in Congress
There
giving the President author¬
over
to cut taxes in the event the
needs a ^hot in the arm
to keep up the accelerated pace.
ity
economy
it
that
is
truth
The
be
would
foolish for this Administration or
any
Administration to
other
though the
duce taxes even
omy
needs an assist,
so great,
re¬
when
our
"A
waving
tract
a
attention.
that
maintains
habit
just to at¬
Nevertheless, he
red flag
the
unless
"would
its
balance
financial
and
causing
the
will
deteriorate
inflation and
more
valuation
pol¬
governmental
conditions
icies,
of the dollar.
will
people
de¬
a
non
drastic
budget
nation
What
a
assets
are
debts. Its
to satisfy the
be¬
worthless; its economy dis¬
comes
been
mortgaged for the children in this
country.
President Kennedy is
asking for
unprecedented powers of Co.tigress.
For instance, there is a
pending proposal in the Senate
that would permit him to spend
funds without an appropriation by
Congress.
by
for this
legislation on the ground
that if employment should con¬
tinue to grow and the economy
needs
little
a
tonic, this
legisla¬
tion would aid it.
Both
the
proposal to cut taxes
and to spend
senior
fully:
funds without
senator from
an ap¬
Old Do¬
the
He asked
declares.
is
"Where
the
right¬
setting
more
laws
more
bureaus
Federal
grows.
up
and
increased
from
more
and
more
and
agencies,
Government
Civilian
1930 to about
The
passes
the
it
to
plan
a
spend¬
speed up
has
had
balanced
a
will
have
not
June
on
fiscal
will
year,
budget
end of the
the
and
unbalanced
be
It definitely
balanced
a
the
30,
only
budget
edds
1962
it
are
June
come
issued
to
the
American people to stop and
real¬
appeal
an
no
legislation
important than
protection
fiscal
of
structure
our
the
most
powerful
debt
men
more
men
in
of the most
in the public
from the nation's Capital and
own
the
(Cincinnati,
Beach, Fla.)
Annual
Omaha
ceded
on
Field Day
Country
May 23 by
a
Calif.)
at
Club; pre¬
cocktail and
7-10, 1962
Fla.)
Southern
(Ponte Yedra,
Investment
Bankers Association Meeting.
June
Annual Outing at
(New York City)
May 24, 1962
Association of Customers Brokers
annual meeting and
Waldorf Astoria. :"
Traders
Association
New York Glee Club
ner
annual din¬
dance at the Plaza.
Connecticut
annual
summer
1, 1962
Club
Bond
(Detroit, Mich.)
of
Detroit
annual
spring
June 1,
Bond
1962
Club
(New York City)
of
New
York
annual
field day at Sleepy
Hollow Coun¬
try Club, Scarborough, N. Y.
June 1, 1962
14-15, 1962
(Kansas
y
Kansas City Security Traders As¬
sociation annual summer partyCocktail party at Hotel
al,
(Philadelphia, Pa.)
Oct.
Group
8-9, 1962
Association
Continent¬
(San Francisco)
of
Oct.
Fall
9-10,
1962
(Minneapolis,
Minn.)
Minnesota
Group
Bankers Association
golf tournament at
Meadowbrook County Club, June
June
June
14;
Investment
Meeting.
Attention Brokers and Dealers
14-15,
(Toronto
1962
&
Montreal)
Canadian
G
r
o
u
TRADING MARKETS
Investment
p
American Cement
Bankers Association Meeting
(June
14,
Montreal).,
June
Toronto;
-.
,
Botany Industries
15,
Maxson
-
(Philadelphia, Pa.)
Philadelphia Securities Associa¬
tion annual outing at Whitemarsh
Valley County Club.
Our
(New York City)
Association; of
New
York, 16th annual Field Day, at
Sleepy
Hollow
Country
Club,
Investment Traders Association of
Scarborough-on-Hudson, N. Y.
Philadelphia,
June
17-20, 1962
46th
New
annual
meeting
York
telephone number
is
CAnal 6-4592
LERNER & CO., INC.
Investment Securities
(Canada)
Investment Dealers' Association of
Canada
Waste King
■
15, 1962
Investment
Electronics
Official Films
June 15, 1962
June
Investment
Meeting.*1
Stock
Exchange
Meeting at the Mark
Hopkins Hotel.
Firms
15.
of
out¬
ing at Shuttle Meadow Country
Club, New Britain, Conn.
June
City Bond. Club 41st an¬
picnic and golf tournament
City, Mo.)
May 25, 1962 (San Antonio, Tex.)
Municipal Bond Club of San An¬
tonio first annual outing at Oak
Hills Country Club.
(Detroit, Mich.)
Bankers Association
at White Bear Yacht Club.
June
Group Investment
Bankers Association Meeting.
Oct. 8, 1962
St. Paul)
Investment
(Cleveland, Ohio)
Ohio
Michigan
1962 ; (Minneapolis-
14,
Group
4-5, 1962
Northern
Country Club.
nual
of
the Westchester
(New York City)
Association Meeting.
June
Twin
(New York City)
May 25, 1962
Security
dinner at the
of
York
Bankers
Oct.
(New York City)
8, 1962
Club
Oct. 3, 1962
Municipal Bond Club of New York
dinner party.
1962
(Philadelphia, Pa.)
Philadelphia 37th
annual outing
and field day at
the Huntingdon
Valley Country
Club, Huntingdon Valley, Pa.
Bond
New
Group
an¬
nual convention.
Sept. 28,
Traders
June
Bankers
Sept. 23-26, 1962 (Atlantic City,
N. J.)
American Bankers Association
Francisco,
(San
Association of
San Francisco, annual spring out¬
ing at the Flamingo Motor Hotel,
Santa Rosa, Calif.
(Omaha, Neb.)
Investment
Hotel.
1962
1-3,
Security
IN INVESTMENT FIELD
May 24, 1962
June
Clubs
Municipal Bond Dealers Group of
Cincinnati, annual fall party, with
a field day to be held Sept.
21, at
the Losantville Country Club.
at
10 Post Office
Square, Boston 9, Mass.
Telephone
Teletype
2-1990
BS
69
Cove Vitamin & Pharmaceutical
Common and Warrants
Versapak Film & Packaging
v
Common & Warrants
es¬
life of
may
or
coincide with the "Chronicle's"
views.]
Association
nation.
America.
may not
jumped
Vedra
(Santa Barbara,
Bankers
20-21, 1962
of the
[This column is intended to reflect
in
(Ponte
pend¬
the "behind the scene" interpretation
590,000
has
teemed
one
1962
Chicago
Security Dealers Associa¬
BUbbard
and
2,535,000.
Federal
EVENTS
;
Annual Summer
30, 1963.
Outing and Golf Match at WhiteSenator Byrd with strong logic marsh Country Club.
has
(Chicago, 111.)
Club of
Beach, Fla.)
Sept.
guess!"
Investment
of
Seville
the
at
outing at Essex Golf and
ing?"
'
Country Club, Windsor,
Ont.,
ay'-'-;;
The United States Government Canada.
::;;:y'-:a':Y.;-
have
grows
employees
about
Association
emergency
justifying such grants of power?
is
couldn't
I
Spring Conference of the National
propriation by Congress would be June 1, 1962 (Connecticut)
undermining the constitution, the Security Traders Association
minion
if
own?—as
June 1-2,1962 (Miami
proposal the
The
order.
Senate, he is
Congress
we
COMING
Association
allow him to cut taxes
would
13-15,
Invest¬
Meeting.
Ohio)
Nebraska
Senator Byrd is not only one of
$10 Billion Annually in Interest
Charges
As
do
stock
"Which
integrates; its form of government
falls and changes."
ize; there is
already
Group
Board of Governors Fall Meeting.
by
money
Bond
19-21, 1962
Calif.)
bankrupt, its
goes
Association
(Denver, Colo.)
Sept.
not taken over and sold
ing before Congress that is
has
1962
Investment
bankruptcy.
freedpm.
future
(Chicago, 111.)
tion annual convention.
continuing defi¬
that
fact is
hard
cits ultimately end in
changes in their government and
The
Invest¬
Meeting
Group
Bankers
Mountain
Florida
-
effect
In
face
Sept.
>
essential expendi¬
tures. This is not being done. The
stopping
New
Frontier Administration changes its
12,
Municipal
outing.
government," said
in a recent talk,
prudent
Senator Byrd
six times in 31 years.
Senator Byrd is not in the
of
(Gearhart, Ore.)
Northwest
ment Bankers Association
econ¬
debt is
27,
June
Club,
dinner).
Sept. 13-14, 1962
enterprise system can survive in¬
solvency.
1962
Sept.
Worthless Money
Executive
tax-paying
Sept. 7-8,
Rocky
billion the next fiscal year.
but unconvincingly, why
proposal
worry
about our ever-mounting that would permit him to spend
debt? After all, they contend, we funds without an appropriation by
owe the debt to ourselves. There¬
Congress is borne in the $2.6 bil¬
fore, the billions that we have to lion public works bill, which has
pay
out in interest on the Na¬ been described as a WPA bill of
tional debt is paid to our own the 1960's. Mr. Kennedy has asked
vently,
the
Municipal Conference at the PickCongress Hotel.
spending, both within the
budget and in trust funds, includ¬
ing social security, for example,
is expected to approximate $123
The other far-reaching
who argue fer¬
Moines
Investment
Total
Byrd's Premise
some
Des
preceding
Sept. 11-12, 1962
in 1970.
crease
Another WPA?
are
the
at
day
Club
ment Bankers Association
heading toward another great in¬
debt.
There
Wakonda
field
^
Many people of course are go¬
ing to pay attention to the warn¬
against him.
There was a $4 billion Federal ings uttered by Senator Byrd, but
deficit last year.
By the end of most of them probably feel that
here is not much, if anything, they
next month he deficit will, in all
Many feel that
probability,
exceed
$8
billion. can do about it.
This time next year it might well they should "let George do it."
be another $5
anual
the
Pacific
$40 billion in 1950, and $80
billion
in 1960,
and now it is
1940;
would be
odds
the
because
bet
Association
Bankers
27th
(a cocktail
party and dinner will be held at
budget of this country was
lion. It increased to $9 billion in
have a poor
Senator he would
the
currently
is
Back
the
on
debt
ator Harry
of. Iowa
Federal
running about
Interest
billion.
Mf 1962 (Des Moines, Iowa)
Investment
to $300
in 1930
$16 billion
from
June
Bought—Sold—Quoted
IILL, THOMPSON & CO., INC.
70 Wall
Street, Hew York 5, N. Y.
Tel. WH 4-4540
'
Tele. NY 1-0154
I
I
@FedFRASER